Seoul stocks finish lower on renewed worries over Brexit
Seoul stocks ended lower Wednesday on renewed worries about Brexit, with investors awaiting local earnings results due in the coming weeks. The Korean won fell against the dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.24 points, or 0.39 percent, to reach 2,080.62. Trading volume was moderate at 417.2 million shares worth 4.8 trillion won ($4.1 billion), with decliners outnumbering gainers 670 to 174.
The KOSPI index rose 1.3 percent in the past two sessions amid hopes for progress in settling a damaging U.S.-Chinese tariff war. Investors were optimistic after President Donald Trump agreed to postpone a planned tariff hike following the latest talks with China in Washington.
But the main index fell on Wednesday.
McDonald’s, Microsoft and other major U.S. companies came up with mixed earnings results and the European Union recommended its 27 member nations accept Britain’s request for a delay of its planned exit from the single trade bloc by three months to January next year. That blunted investor optimism, analysts said.
“Investors are now shifting their focus to Korean firms’ corporate earnings reports due out from this week as they wait for developments in U.S.-China trade negotiations,” Meritz Securities analyst Ha In-hwan said.