Stock futures gave up ground as programme-linked sales pressured some heavyweight issues. "Debt issuances from European countries will keep going on until March and April. I think the stock market will not see any drastic fall in January but cannot expect a jump," Yoo Kyung-ha, a market analyst at Dongbu Securities. Anxiety over potential ratings downgrades in European sovereign debt and their repercussion on the region's banks are expected to dampen risk appetite for a while, trumping improved outlooks for the US economy, analysts added. A day ahead of an options expiry, a net 34 billion Korean won ($29.39 million) were sold by programme accounts on the main index, according to the Korea Exchange. "Although the net amount of programme selling narrowed toward the close, it will put pressure again on tomorrow's market, the day of option expiries," Shawn Oh, a strategist at Daishin Securities. The Korea Composite Stock Price Index (KOSPI) finished down 0.41 percent at 1,845.55 points, erasing earlier gains. The KOSPI 200 March futures fell 0.47 percent or 1.15 points to 242.55 Retail investors continued selling, offloading 86 billion Korean won ($74.35 million) worth of stocks. Insurance shares, down 1.8 percent, feature among the top decliners, led lower by Dongbu Insurance. Shares in Dongbu tumbled 6.1 percent and Hyundai Marine & Fire Insurance fell 4.3 percent. Crude oil refiners also slid, adding to the overall market's fall. S-Oil Corp, the country's No.3 crude oil refiner, fell 2.2 percent and SK Innovation that runs the country's top refiner, shed 1.6 percent. The country's top automaker Hyundai Motor closed up 0.2 percent after its labour union said it planned to resume all engine production in Ulsan, the company's biggest local production base, after suspending it in response to an employee setting himself on fire. Ssangyong Motor spiked by the intraday limit of 15 percent for a fourth straight session on hopes for strong support from its new parent Mahindra and Mahindra.