Published : 2013-09-06 15:52
Updated : 2013-09-06 15:52
South Korean stocks closed nearly flat Friday as investors sat on their hands due to uncertainties over U.S. jobs data and the Fed's move to taper its monthly debt purchases, analysts said. The local currency closed higher against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) gained 3.66 points, or 0.19 percent, to finish at 1,955.31. Trading volume was moderate at 318.8 million shares worth 4.23 trillion won ($3.87 billion) with losers outpacing gainers 446 to 344.
Analysts said Seoul shares inched up as foreigners extended their buying rally to the 11th consecutive session with a 465.2 billion won net purchase.
Institutions and individuals, on the other hand, offloaded a net 248.5 billion won and 194.9 billion won, respectively.
The growth, however, was limited as investors took a wait-and-see approach on the U.S. jobs data for August, which is slated to be announced later this week, analysts added.
Investors also eyed the U.S. Federal Open Market Committee's two-day regular monetary meeting, which is slated for Sept. 17-18., as the meeting is anticipated to provide investors with more details in the schedule of the Fed's tapering of its quantitative easing moves.
A monetary easing move by an advanced country usually causes investors to set their sights on riskier emerging markets, while a reduction in the move sparks them to relocate their investments.
"It is hard to tell whether the local stock market moved to an upward trend, as uncertainties still remain on the U.S. quantitative easing and the Syrian crisis," said Han Chi-hwan, a researcher at KDB Daewoo Securities Co.
Carmakers closed higher, with Hyundai Motor rising 2.66 percent to 250,500 won and its affiliate Kia Motors adding 3.03 percent to 68,100 won. Auto parts maker Hyundai Mobis gained 0.71 percent to 284,000 won.
Logistics shares also gathered ground, with Hyundai Glovis rising 2.1 percent to 194,500 won and Hyundai Merchant Marine adding 2.07 percent to 19,700 won. Hanjin Shipping moved up 1.2 percent to 9,310 won.
Tech shares closed mixed, with SK hynix falling 3.73 percent to 27,100 won and LG Electronics losing 0.13 percent to 74,600 won. In contrast, top player Samsung Electronics added 0.29 percent to 1,368,000 won.
The local currency ended at 1,093.00 won against the greenback, up 5.40 won from Thursday's close (Yonhap News)