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South Korea: Stocks dip on concerns over exports, earnings recovery
[SEOUL] South Korean shares ended lower on Tuesday, as investors were wary about a swift turnaround in exports and corporate earnings, while steering clear of making big bets ahead of holiday.
The Seoul stock market's main KOSPI closed down 13.63 points, or 0.62 per cent, at 2,190.08.
Though the index rose nearly 5% so far this month, South Korea's exports data showed that overseas demand were not recovering quickly, said Huh Jae-hwan, an analyst at Eugene Investment. This has caused investors to take profits, he added.
South Korean exports fell again in the first 20 days of December according to official data on Monday, but a recovery in demand from China and stabilising chip prices offered signs that a year-long run of declines may be nearing its end.
Foreigners were net sellers of US$121.45 million worth of shares on the main board.
The KOSPI has risen 7.30 per cent so far this year, and gained 3.7 per cent in the previous 30 trading sessions.