SEOUL– South Korean stocks closed almost unchanged Monday after paring most of its earlier heavy losses due to hopes of a summit between the United States and Russia over the Ukraine crisis. The Korean won rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) slipped 0.72 points, or 0.03 percent, to close at 2,743.8 points.
Trading volume was moderate at about 484 million shares worth some 7.8 trillion won (US$6.5 billion), with losers outnumbering gainers 430 to 399.
Institutions sold a net 91 billion won, and foreigners offloaded 63 billion won, while retail investors bought 133 billion won.
Stocks opened sharply lower as investors took to the sidelines over concerns about Moscow’s potential invasion of Ukraine.
The key stock index recouped earlier losses in the late morning in the wake of France’s announcement that the U.S. and Russia accepted its diplomatic meeting by principle to hold a bilateral summit.
“The reports about the (possible) U.S.-Russia summit seem to be swaying the cash flow in stock markets,” said Eugene Investment & Securities analyst Kang Dae-seok.
Investor sentiment also improved on the strong exports data. South Korea’s exports rose 13.1 percent on-year in the first 20 days of February, according to the customs data.
Tech and chemical heavyweights weighed on the KOSPI, while bio and auto large caps advanced.
Market bellwether Samsung Electronics edged down 0.13 percent to 74,200 won, and No. 2 chipmaker SK hynix shed 1.14 percent to 130,000 won.
Leading chemical firm LG Chem moved down 2.07 percent to 616,000 won, and financial top cap KB Financial Group retreated 0.63 percent to 63,300 won.
Among gainers, pharmaceutical giant Samsung Biologics added 1.32 percent to 767,000 won, and leading automaker Hyundai Motor advanced 0.82 percent to 185,000 won.
The local currency closed at 1,192.1 won against the U.S. dollar, up 3.8 won from the previous session’s close.
Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys added 4.1 basis points to 2.363 percent, and the return on the benchmark five-year government bond rose 5.6 basis points to 2.566 percent.
Source: Yonhap News Agency