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S Korean stocks end weaker on cautious mood ahead of G20

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[SEOUL]  Round-up of South Korean financial markets: South Korea's KOSPI stock index shed early gains to end lower on Tuesday as investors kept to the sidelines and waited anxiously to see if anything comes of the Sino-US trade talks at the G20 summit. The Korean won and benchmark bond yield rose.

US President Donald Trump is slated to meet one-on-one with at least eight world leaders at the G20 summit in Osaka this week, including China's President Xi Jinping and Russian President Vladimir Putin.

The Seoul stock market's main KOSPI closed down 4.69 points or 0.22 per cent at 2,121.64 points.

Without fresh momentum to confirm the market's direction, investor caution prevailed, watching the G20 summit and the development of the tensions between the United States and Iran, said Lee Won, an analyst from Bookook Securities. Trump targeted Iranian Supreme Leader Ayatollah Ali Khamenei and other top Iranian officials with sanctions, taking a dramatic, unprecedented step to increase pressure on Iran after Tehran's downing of an unmanned American drone.

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South Korea's central bank said this year's inflation would likely fall short of its forecast, which was already set far below its medium-term target, on weak consumption at home and a slowing global economy.

 

REUTERS