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South Korean stocks retreated 0.28 percent Friday as investors took profits after recent rallies ahead of key U.S. employment data release, analysts said. The local currency rose against the greenback.
The benchmark Korea Composite Stock Price Index fell 5.61 points to 1,988.09. Trading volume was thin at 221.5 million shares worth 4.04 trillion won ($3.8 billion), with advancers outpacing losers 464 to 325.
“The Korean stocks have rallied in a short term, and it prompted investors to indulge in profit-taking,” said analyst Lim Dong-rak from Hanyang Securities. “It’s a tune-up move before KOSPI finishes above the psychologically important 2,000 point level in coming weeks.”
Lim also noted that investors are waiting for the March U.S. payrolls report, to be released later in the day. (Yonhap)
The benchmark Korea Composite Stock Price Index fell 5.61 points to 1,988.09. Trading volume was thin at 221.5 million shares worth 4.04 trillion won ($3.8 billion), with advancers outpacing losers 464 to 325.
“The Korean stocks have rallied in a short term, and it prompted investors to indulge in profit-taking,” said analyst Lim Dong-rak from Hanyang Securities. “It’s a tune-up move before KOSPI finishes above the psychologically important 2,000 point level in coming weeks.”
Lim also noted that investors are waiting for the March U.S. payrolls report, to be released later in the day. (Yonhap)
