Seoul shares ended flat on Thursday, the last trading day of 2011, as early losses on fresh eurozone debt jitters and lackluster output data were reversed on steady institutional buying, but posted a yearly loss. The Korea Composite Stock Price Index (KOSPI) inched up 0.03 percent to close at 1,825.74, losing 11 percent on the year.
Despite the KOSPI reaching an all-time record high of 2,228.96 on May 2, the second half of the year was marred by renewed debt troubles in the eurozone and signs of slowdown in the US economy. By sector, brokerage firms posted the steepest annual fall with a 44.8 percent loss in the industry sub-index, battered by volatility in the second half highlighted by a global stock market plunge in August.
Bank shares followed close behind with a 33.58 percent decline, as the widening sovereign debt crisis in the eurozone triggered fears of financial contagion. Defensive shares were a rare bright spot, with food and beverage firms gaining 22.59 percent this year. Shares in Hyundai Engineering & Construction Co Ltd erased earlier losses to end 1.15 percent higher.
Institutional investors bought a net 190.6 billion won worth of shares, one of their largest daily net purchases in the last three weeks, while offshore investors sold 14.4 billion won worth, snapping a four-day buying streak. The KOSPI 200 closed 0.03 percent lower while the junior KOSDAQ index finished 1 percent higher. South Korean financial markets will be closed on Friday and will open one hour later usual on Monday, the first trading session of 2012.
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