South Korean stocks dipped for the second session in a row Monday as institutions offloaded shares amid worries over second-quarter earnings reports. The local currency rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index started the day on a positive note and rose to as high as 2,030.61 during the trading session. It later lost ground on steadfast selling by institutions that caused the market to settle at 2,018.50, down a slight 0.05 percent, or 0.92 points, from Friday’s close.

Trading volume was relatively light at 255.64 million shares worth 2.96 trillion won ($2.87 billion), with advancers outpacing decliners, 434 to 354, and 78 staying pat.

Foreign investors bought more shares than they sold, although this was offset by institutions, another major player, who remained jittery about earnings reports or wanted to lock in earnings following last week’s gains.

“Lack of confidence about second-quarter earnings by leading companies, concerns surrounding the foreign exchange rate and demand for locally made products abroad all weighed down the market,” said Kang Hyun-gie, an analyst at I’M Securities & Investment Co.

He added that investors may follow a wait-and-see stance as more earnings reports are released in the coming days.

Tech giant Samsung Electronics, the flagship company of Samsung Group, rose 0.74 percent to 1,353,000 won per share.

Global appliance manufacturer LG Electronics gained 0.48 percent to 63,300 won, with memory ship giant SK hynix losing 0.59 percent to 50,500 won.

The country’s No. 1 carmaker, Hyundai Motor, lost 2.15 percent to 227,500 won, while its smaller affiliate, Kia Motors, surrendered 0.54 percent to 55,700 won.

Shares of top steelmaker POSCO gained 1.16 percent to 305,000 won while leading shipbuilder Hyundai Heavy Industries gave up 0.60 percent to 165,000 won.

The local currency ended at 1,026.80 won to the U.S. dollar, up 2.7 won from the previous session. (Yonhap)