Seoul stocks end lower on lack of leads

SEOUL, July 17 (Yonhap) -- South Korean stocks ended lower Tuesday, as investors moved sideways in search of fresh momentum amid lingering concerns over global trade protectionism, analysts said. The Korean won rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index shed 4.07 points, or 0.18 percent, to close at 2,297.92. Trade volume was slim at 365 million shares worth 4.69 trillion won (US$4.17 billion), with losers outnumbering gainers 473 to 332.

The low-volume session translated into choppy trading, with the index wobbling between positive and negative territory throughout the session.

"No factors that would set the tone for the market seem to be here now," said Kim Dae-jun, an expert at Korea Investment & Securities.

"While investors are awaiting corporate reports, what lie underneath are some gloomy issues, such as concerns over trade disputes and impacts of the recent hike in the minimum wage for next year on the local industry," he added.

Foreigners dumped a net 137.8 billion won worth of local shares, while institutions and retail investors picked up 1.5 billion won and 125.9 billion won worth of shares, respectively.

Big-cap tech shares finished lower, weighing down the index. Market kingpin Samsung Electronics fell 0.43 percent to 45,850 won, and SK hynix skidded 0.78 percent to 88,600 won.

Chemicals also lost ground, with LG Chem shedding 1.98 percent to 321,500 won and cosmetics giant AmorePacific moving down 2.74 percent to 283,500 won.

But steelmakers went up on investors' bargain hunting. Market leader POSCO added 1.27 percent to 319,000 won, and Hyundai Steel increased 0.82 percent to 48,950 won.

Auto shares also ended higher, with top carmaker Hyundai Motor rising 0.4 percent to 126,500 won and its smaller affiliate Kia Motors advancing 1.41 percent to 32,400 won.

Airlines also gathered ground on the back of falling global oil prices. Korean Air Lines grew 0.69 percent to 29,100 won, and Jeju Air soared 4.29 percent to 46,200 won.

Asiana Airlines surged 2.99 percent to 4,300 won, after a media report that SK Group is mulling taking over the airline, though SK dismissed the rumor.

The local currency closed at 1,124.10 won against the U.S. dollar, up 5.1 won from Monday's close.

graceoh@yna.co.kr
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