Seoul shares ended lower on Thursday in see-saw trading, as options expired and the central bank unexpectedly lifted interest rates, although that was offset by a rise in financial packs. The Korea Composite Stock Price Index (KOSPI) ended down 0.26 percent at 2,089.48 points, off an all-time high touched earlier in the day, and after marking an all-time closing high in the previous session. The KOSPI 200 March futures index ended down 1.15 points at 275.35.
The KOSPI 200 spot index fell 0.65 points to 275.52. The junior Kosdaq market fell 0.22 percent to 534.27. The central bank raised interest rates on Thursday to stem mounting inflation as policymakers around the world battle a surg in prices of food and other commodities.
Analysts said the prospect of a stronger won as a result of additional rate increases was a point of concern for Korean exporters. "On top of massive selling with the expiration of options, caution over exporters such as car and steel makers emerged during trading," said LIG Investment & Securities market analyst Choi Un-sun. Institutions unloaded shares worth 415 billion won ($374.2 million), while foreign investors purchased a net 127.5 billion won worth of stocks.
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