South Korean stocks closed lower Friday as investors sat on the sidelines ahead of monetary policy meetings of the U.S. and Japan later this month, analysts said. The Korean won closed higher against the greenback.
The benchmark Korea Composite Stock Price Index (KOSPI) gained 12.84 points, or 0.66 percent, to 1,944.48. Trading volume was low at 252.7 million shares worth 3.13 trillion won ($2.95 billion), with losers outpacing gainers 428 to 347.
Analysts said Seoul shares lost ground as investors took a wait-and-see approach on the future monetary moves of advanced countries, with the Bank of Japan planning to hold a policy meeting next week.
“Investors are concerned about advanced countries‘ policy meetings, as the future move of the Japanese yen and the U.S. dollar will affect the price competitiveness of local exporters,” said Kang Hyun-gie, an analyst at I’M Securities & Investment. (Yonhap News)