Seoul shares gave up initial gains and ended lower on Wednesday, pressured by falls in shipyards and carmakers and as concerns about the global economy after bearish comments from US Federal Reserve Chairman Ben Bernanke weighed. The Korea Composite Stock Price Index ended down 0.78 percent at 2,083.35 points.
Ongoing jitters about the US economy dented sentiment and kept investors at bay, particularly ahead of Bank of Korea's interest rate decision and options expiry later this week, said Lee Sang-joon, a market analyst at Golden Bridge Investment & Securities. US Federal Reserve Chairman Ben Bernanke on Tuesday acknowledged the US economy was slowing but offered no suggestion the central bank was considering any further monetary stimulus to support growth.
Foreign investors were buyers of a net 82.1 billion won ($76.2 million) worth of stocks. Hyundai Heavy Industries tumbled 5.6 percent amid market talk of its interest in a stake in Hynix Semiconductor. Shares in Hynix climbed 1.1 percent. Hyundai Motor slid 2.7 percent and Kia Motors lost 1.7 percent. KOSPI 200 June futures shed 3.2 points to 274.40 points and the KOSPI 200 spot index declined 2.51 points to 274.46. The junior Kosdaq market ended down 0.77 percent at 469.15.
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