Korean stocks edged down 0.13 percent on Thursday as investors cut their holdings of techs and banks ahead of significant political events in Europe and economic data reports in the U.S. next week, analysts said. The local currency fell against the U.S. currency.

The benchmark KOSPI inched down 2.48 points to 1,863.74. Trading volume was heavy at 528.5 million shares worth 4.8 trillion won ($4.2 billion) with gainers leading losers 463 to 369.

“Investors were reluctant to buy stocks as they are waiting for results from a Germany-France summit and a European Central Bank meeting next week. And U.S. employment data will be released over the weekend,” said Kwak Byung-ryul, an analyst at Eugene Investment & Securities Co.

“There is no momentum to push the index upward or no bad news to tumble the market.”

Foreign investors offloaded a net 48.2 billion won worth of local shares, while institutions scooped up 268.6 billion won stocks.

Tech issues led the decline, with the world’s second-largest handset maker Samsung Electronics dropping 2.31 percent to 1,055,000 won and its smaller rival LG Electronics skidding 1.07 percent to close at 73,900 won.

Banks were among the biggest losers. Hana Financial Group sank 3.2 percent to 34,750 won and Korea Exchange Bank fell 1.22 percent to 7,260 won.

Refiners, however, gained ground on reports that the European Union decided to impose sanctions against Iran. Top refiner SK Innovation climbed 2.66 percent to 154,500 won and No. 3 player S-Oil jumped 4.29 percent to finish at 109,500 won.

Top steelmaker POSCO rose 1.16 percent to 392,000 won and Hyundai Steel added 1.13 percent to 98,800 won.

The local currency closed at 1,152.7 won to the greenback, down 4.1 won from Wednesday’s close, as investors increased safer assets, dealers said. 

(Yonhap News)