Seoul shares gave up initial gains and turned lower on Thursday, adding to losses since North Korea's artillery attack as investors remained cautious ahead of key data and US holiday sales, analysts said. The main Seoul stock market's benchmark KOSPI was down 0.17 percent at 1,922.68 points as of 0134 GMT, as foreign investors turned net sellers, snapping a four-session buying streak.
"The market had nearly recovered losses and ended nearly flat yesterday despite North Korea's artillery shelling, and buying appetite is weak at the index's current level," said Lee Sun-yeb, a market analyst at Shinhan Investment Corp, adding that concerns about South Korea's geopolitical risks were still simmering.
Tensions remain high on the peninsula as a US aircraft carrier group set off for Korean waters after the North Korean attacks on Tuesday killed two soldiers and two civilians on an island about 10 km (6 miles) south of the disputed maritime border with the South.
Foreign investors were sellers of a net 166.5 billion won ($145.2 million) worth of stocks. "Investors also want to check how US Black Friday sales turn out. This will be keenly followed," Lee added. Hyundai Engineering & Construction Co Ltd rallied 4.5 percent amid market talk that the signing of a memorandum of understanding for the acquisition of a controlling stake in the company by Hyundai Group was being held up by a dispute over the group's buyout capital, analysts said.
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