Stock little changed on uncertainty over relief packages
Stocks closed a tad lower Monday as investors locked in gains built on hopes for economic relief packages in major economies. The won rose against the dollar.
The Kospi lost 2.99 points, or 0.14 percent, to close at 2,198.20. Trading volume was high at about 675 million shares worth some 11.8 trillion won ($9.8 billion), with losers outnumbering gainers 476 to 369.
The index climbed 2.4 percent last week on hopes for stimulus measures in major economies, which prodded investors to cash in gains, analysts said.
Investors also kept a watchful eye on uncertainties over the additional stimulus measures under review.
Investor wariness grew as European leaders disagreed over a 750 billion euro ($857 billion) stimulus package and the passing of the U.S. emergency relief package likely being delayed, analysts said.
"The stock market may remain on the sidelines until the U.S. stimulus bill is approved," NH Investment & Securities analyst Noh Dong-kil said.
U.S. President Donald Trump is pushing to include a payroll tax cut as part of the aid plan, raising the level of uncertainties, Noh added.
In Seoul, most large caps finished in negative terrain.
Samsung Electronics lost 0.37 percent to 54,200 won, with chipmaker SK hynix shedding 0.84 percent to 82,200 won.
Samsung BioLogics retreated 0.54 percent to 739,000 won, and Celltrion dipped 1.52 percent to 323,000 won.
Hyundai Motor gained 3.4 percent to 121,500 won, with its affiliate Kia Motors adding 3.26 percent to 38,000 won.
Ncsoft lost 2.39 percent to 859,000 won, with its rival Netmarble spiking 2.37 percent to 129,500 won.
Posco gained 0.54 percent to 187,500.
Naver lost 4.71 percent to 263,000 won, with Kakao shedding 4.62 percent to 310,000 won.
The local currency closed at 1,203.2 won per dollar, up 1.9 won from the previous session's close.
The Kosdaq declined 1.26 points, or 0.16 percent, to close at 781.96.
Bond prices, which move inversely to yields, closed mixed. The yield on three-year bonds lost 1.0 basis points to 0.802 percent, while the return on the benchmark ten-year government bond added 1.4 basis points to reach 0.63 percent.
BY CHEA SARAH, YONHAP [firstname.lastname@example.org]
More in Finance
Banks failed to tell borrowers they can demand rate cuts: FSS report
Stocks fall more than 1% as profit-taking continues
Profit-taking ends four-session winning streak for Kospi
Lottery sales hit record in the first half
Another recent high