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KOSPI down ahead of key data release

Korean share prices closed lower Monday as investors sat on the sidelines ahead of the release of key economic indicators later this week. The Korean won rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index lost 16 points, or 0.8 percent, to 1,978.15. Trade volume stood at 324.38 million shares worth 3.84 trillion won ($3.77 billion), with losers outnumbering gainers 616 to 200.

KOSPI share prices are displayed at the Korea Exchange. (Yonhap)
KOSPI share prices are displayed at the Korea Exchange. (Yonhap)

Analysts said investors were waiting for the release of key data such as the U.S. Institute for Supply Management index and China’s Purchasing Managers Index.

Overseas investors offloaded a net 32.6 billion won, while individuals bought a net 180 billion won. Institutions sold more shares than they bought at 177 billion won.

No. 1 carmaker Hyundai Motor fell 0.7 percent to 142,500 won, and its smaller sister Kia Motors remained unchanged at 47,900 won.

Shipbuilders also closed bearish, with industry leader Hyundai Heavy Industries shedding 4.31 percent to 111,000 won and Samsung Heavy Industries falling 5.61 percent to 10,100 won.

Steelmakers also traded mostly weaker, with POSCO losing 4.99 percent to 228,500 won and Hyundai Steel down 3.5 percent to 60,700 won.

The local currency closed at 1,137.80 won against the greenback, up 1.5 won from the previous session.

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Korea Herald daum