SEOUL, Aug 28:Seoul shares were trading slightly lower on Tuesday morning, as the main board treaded water before a central bankers’ meeting at Jackson Hole, Wyoming, on Friday to help provide clarity on possible stimulus measures to support major global economies.
The Korea Composite Stock Price Index (KOSPI) ticked 0.33 percent lower to 1,911.50 points as of 0145 GMT, after opening in positive territory.
‘Investors appear to be deferring decisions in the short term until after Fed Chairman Ben Bernanke’s speech in Jackson Hole this weekend,’ said Cho Byung-hyun, an analyst at Tong Yang Securities.
Institutional and foreign investors sold a net 75 billion won ($66 million) and 15 billion won worth of KOSPI shares, respectively, as of 0150 GMT, which weighed on the index.
Market heavyweight Samsung Electronics gained 1.5 percent after a 7.5-percent fall on Monday saw the company lose $12 billion in market capitalisation following a patent ruling favouring rival Apple Inc
Some Samsung group shares that also fell sharply on Monday rebounded, with Samsung Electro-Mechanics Co climbing 2.4 percent.
Stocks that had seen gains on Monday on foreign investor buying lost ground, such as the auto and chemical sectors with Hyundai Motor falling 1.6 percent while LG Chem
Slid 2.2 percent.
Banking shares barely edged up after Moody’s raised South Korea’s credit rating on Monday, with KB Financial Group
Inching up 0.13 percent and Shinhan Financial Group up 0.5 percent.
Decliners outnumbered gainers 440 to 330 on the main board, while the KOSPI 200 benchmark of core stocks was down 0.3 percent. The junior KOSDAQ edged 0.6 percent higher.
(agencies)
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