South Korea: Shares tumble on first trading day of 2020
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[SEOUL] South Korean stocks ended lower on Thursday in their first trading session of the year, as investors booked profits from market heavyweights, while awaiting details of the Phase 1 US-China trade deal.
US President Donald Trump said on Tuesday that Phase 1 of trade deal with China would be signed on Jan 15 at the White House, though considerable confusion remains about the details of the agreement.
The Seoul stock market's main KOSPI ended down 22.50 points, or 1.02 per cent, at 2,175.17.
The index dropped though positive news outweighed, said Na Jeong-hwan, an analyst at DS Investment & Securities. It looks like a short-term loss caused by profit-booking from market heavyweights like Samsung Electronics, he added.
Eight out of the 10 biggest stocks listed on the KOSPI market ended lower, with Samsung Elec shares losing more than 1 per cent.
Foreigners were net sellers of US$37.30 million worth of shares on the main board.
The KOSPI has gained 1.6% in the previous 30 trading sessions.
REUTERS
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