South Korean stocks closed 0.14 percent lower on Tuesday as global economic concerns continued to drag on investor sentiment, analysts said. The local currency gained against the U.S. dollar.

The benchmark Korea Composite Stock Price Index slipped 2.85 points to 1,979.04. Trading volume was moderate at 501.1 million shares worth 3.56 trillion won ($3.2 billion), with gainers outnumbering decliners 420 to 379.

“Foreigners were selling and investors were reluctant to snap up shares amid persistent global economic concerns,” said Kwak Joong-bo, an analyst at Samsung Securities Co.

The growth estimates released by the International Monetary Fund and the World Bank had little impact on investor sentiment as the weak growth projections were largely expected, Kwak said.

“The KOSPI is unlikely to budge for some time, which is why it would be better for investors to look into each firm rather than follow the overall trend,” Kwak said.

Most blue-chip exporters closed lower. Market bellwether Samsung Electronics inched down 0.07 percent to 1,372,000 won and top automaker Hyundai Motor lost 0.42 percent to 236,500 won.

Steelmakers also closed bearish amid views their third-quarter earnings will take a blow from weakening prices. Industry leader POSCO fell 0.14 percent to 357,500 won, while smaller Hyundai Steel slumped 1.17 percent to 84,800 won.

In contrast, domestic-focused companies ended higher, with insurers leading the climb. Samsung Life Insurance rose 1.47 percent to 96,700 won and its affiliate Samsung Fire & Marine Insurance advanced 1.32 percent to 230,500 won.

Telecommunications firms also gained, with top mobile operator SK Telecom closing up 2.05 percent at 149,000 won.

The local currency closed at 1,110.7 won against the greenback, up 1.3 won from Monday’s close after rangebound trading as the market took a wait-and-see approach ahead of a rate-setting meeting later this week, dealers said. (Yonhap News)