Seoul stocks fin­ish lower on re­newed wor­ries over Brexit

The Korea Times - - FINANCE -

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.

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