KOSPI ends lower amid revived foreign risk appetite

SEOUL, April 22 (Yonhap) — South Korean stocks closed lower Friday as institutional investors locked in recent gains. The local currency fell sharply against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) shed 0.33 percent, or 6.61 points, to 2,015.49 after Wall Street declined, snapping a three-day winning streak.

Trade volume stood at a moderate 475.06 million shares worth 4.15 trillion won (US$3.6 billion), with decliners outnumbering advancers 407 to 395.

Institutions sold a net 179 billion won worth of domestic shares, while foreigners bought 150 billion won worth of stocks.

As companies began to release better-than-expected earnings results for the January-March quarter, foreigners’ revived appetite for riskier assets is likely to keep the main index from falling below the psychologically important 2,000 level for the week ahead, analysts said.

“As the Fed is widely expected to freeze its key rate next week and oil prices are currently recovering, there seems to be no big downside momentum for the main index,” Bookook Securities analyst Kim Sung-hwan said.

Heavyweight stocks closed mostly lower, with top market cap Samsung Electronics Co. falling 1.08 percent to 1,280,000 won, state-run Korea Electric Power Corp. dipping 0.34 percent to 59,200 won and top carmaker Hyundai Motor Co. declining 1.95 percent to 151,000 won.

In contrast, No. 1 steelmaker POSCO gained 0.20 percent at 249,000 won, No. 1 cosmetics company AmorePacific Corp. climbing 0.37 percent and top auto parts maker Hyundai Mobis Co. up 0.40 percent to 251,000 won.

South Korea’s won closed at 1,143.10 against the greenback, down 10.20 won from the previous session’s close.

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