Korean stocks finished almost unchanged on Thursday as the absence of new momentum and upcoming events such as the nuclear summit put investors on the sidelines, analysts said. The local currency rose against the U.S. dollar.

After moving in a narrow range, the benchmark Korea Composite Stock Price Index ended at 2,026.12, down 0.05 percent, or 1.11 points. Trading volume was moderate at 534 million shares worth 5.22 trillion won ($4.62 billion) with losers leading gainers 569 to 265.

“The big picture has not changed. Investors are wary of whether the KOSPI can sustain its high level as it nears the keenly watched 2,050 level and fund redemptions are continuing while there are no clear buyers,” said Han Bum-ho, a market analyst at Shinhan Investment Corp.

“Investors may continue to wait-and-see to assess the results of the upcoming events such as earnings reports, economic data and the summit next week.”

Global political leaders, including U.S. President Barack Obama and China’s President Hu Jintao, are scheduled to visit Seoul for a nuclear security summit next week to discuss ways to prevent nuclear weapons programs and ensure atomic safety.

The decline was led by shipping companies as their earnings were expected to take a beating from rising oil prices. Hanjin Shipping tumbled 8.43 percent to 15,200 won.

STX Offshore & Shipbuilding slumped 6.12 percent to 15,350 won, hit by institutional and foreign sell-offs.

Steelmakers lost ground after reports showed that China’s manufacturing sector activity shrank. POSCO dropped 1.28 percent to 385,000 won.

Tech exporters made a rebound from the previous day’s losses.

Samsung Electronics rose 1.29 percent to 1,258,000 won and chipmaking giant Hynix Semiconductor added 1.56 percent to 29,350 won.

The local currency closed at 1,129.4 won to the greenback, up 0.1 won from Wednesday’s close, on demand for the local unit from exporters, dealers said. 

(Yonhap News)