Investors stay away after sell-off in US tech issues
South Korean shares closed lower in thin trade yesterday, with investor sentiment dented by the fall on the technology-heavy Nasdaq Composite Index on Monday.
The market saw some support from futures-led program buying but net sales by foreign investors dampened overall sentiment, dealers said.
The Korea Composite Index dropped 10.38 points to close at 737.2.
The market would probably move between the 700 and 800-point levels for some time, SK Securities analyst Kang Hyun-chul said.
'Most investors are taking to the sidelines amid growing uncertainty over the outlook for the US market,' he said.
The demand base was worsening as equity-based financial products earned lower than expected yields, leading retail investors to cash in investments.
Close: 737.2 (- 10.38) Turnover: 1.67 trln won Volume: 168.48 mln shares