Seoul shares turn lower after higher start
Published : 2013-10-28 09:31
Updated : 2013-10-28 09:31
South Korean stocks reverted to negative territory Monday after starting the session a little higher, as worries about Chinese economic policy dented investor sentiment, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) inched down 1.4 points, or 0.07 percent, to 2,032.99 in the first 15 minutes of trading.
Chemical companies and shipbuilders led the drop in the main index, with LG Chem and Hyundai Heavy Industries both dipping more than 2 percent each.
Analysts forecast that investors will likely stay on the sidelines this week as China tries to cool property prices and keep inflation under control. China is Korea's largest trading partner.
The local currency was trading at 1,061.95 won against the U.S. dollar as of 9:15 a.m., down 0.15 won from Friday's close. (Yonhap News)