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Korean stocks closed 0.92 percent lower on Friday as investors showed muted response to a set of stimulus measures by central banks, analysts said. The local currency fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index lost 17.29 points to 1,858.2. Trading volume was moderate at 335.7 million shares worth 3.6 trillion won ($3.2 billion), with decliners outnumbering gainers 496 to 309.
“The rate cuts by the European Central Bank and China’s central bank did little to boost investor sentiment,” said Cho Byung-hyun, an analyst at Tong Yang Securities Inc.
“The ECB’s statement dampened hopes for additional stimulus measures. China’s surprise move stoked concerns that the world’s No. 2 economy is in worse shape than expected,” he said.
On Thursday, the ECB cut rates to a record low of 0.75 percent and the People’s Bank of China unexpectedly lowered its lending rate to 6 percent.
Cho recommended investors to keep tabs on the U.S. June employment data, scheduled to be released later in the day. (Yonhap News)
The benchmark Korea Composite Stock Price Index lost 17.29 points to 1,858.2. Trading volume was moderate at 335.7 million shares worth 3.6 trillion won ($3.2 billion), with decliners outnumbering gainers 496 to 309.
“The rate cuts by the European Central Bank and China’s central bank did little to boost investor sentiment,” said Cho Byung-hyun, an analyst at Tong Yang Securities Inc.
“The ECB’s statement dampened hopes for additional stimulus measures. China’s surprise move stoked concerns that the world’s No. 2 economy is in worse shape than expected,” he said.
On Thursday, the ECB cut rates to a record low of 0.75 percent and the People’s Bank of China unexpectedly lowered its lending rate to 6 percent.
Cho recommended investors to keep tabs on the U.S. June employment data, scheduled to be released later in the day. (Yonhap News)
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Articles by Korea Herald
