Published : 2013-08-28 16:03
Updated : 2013-08-28 16:03
South Korean stocks closed almost flat Wednesday, shrugging off geopolitical risks in Syria as firm foreign demand for local equities offset external worries, analysts said. The local currency rose slightly against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) added 1.32 points to finish at 1,884.52. Trading volume was moderate at 371.3 million shares worth 3.35 trillion won (US$2.99 billion) with decliners outpacing gainers 531 to 241.
The KOSPI started off tumbling some 1.2 percent at the opening bell but pared losses, led by a buying streak by foreigners and institutions.
Overseas investors snapped up a net 120.9 billion won on the main bourse. Institutions' net buying of 66.2 billion won also lent support to fueling the KOSPI.
"Stocks tumbled earlier as investors took a flight for safer assets after hearing news that Washington may strike Syria as early as Thursday, but it was short-lived," said Seo Myung-chan, an analyst at Kiwoom Securities Co.
Domestic-focused large-cap shares reverted to gains toward the end of the trading, driving up the KOSPI. No. 2 mobile carrier KT Corp. finished up 1.16 percent to 34,950 won, with retail chain E-Mart jumping 1.72 percent to 206,500 won.
Market behemoth Samsung Electronics rose 0.38 percent to 1,309,000 won, and Hyundai Motor, the world's fifth-largest automaker, gained 1.05 percent to 240,500 won.
The local currency ended at 1,115.40 won against the greenback, up 0.9 won from Tuesday's close, thanks to the foreign buying, dealers said. (Yonhap news)