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S.Korean shares close at 2-week low as earnings disappoint
January 24, 2014 / 6:21 AM / 4 years ago

S.Korean shares close at 2-week low as earnings disappoint

SEOUL, Jan 24 (Reuters) - South Korean shares fell to their lowest closing level in two weeks on Friday, weighed down by lacklustre fourth-quarter corporate results.

The Korea Composite Stock Price Index (KOSPI) closed down 0.4 percent at 1,940.57 points, its weakest close since Jan. 10. The index slipped 0.2 percent on the week.

Foreigners sold a net 154.2 billion won ($143.6 million) of KOSPI shares. Abundant capital inflows in programme trading cut losses before the market closed, as net buying of 127.1 billion won via non-arbitrage supported the main bourse.

LG Household & Healthcare Ltd and GS Engineering & Construction Corp were the big names among a pile of weak performers, diving 12.8 percent and 8.3 percent, respectively.

Turnover was higher than usual with 4.3 trillion won compared to a five-day average of 3.3 trillion won, while decliners beat advancers by a ratio of about 2 to 1. ($1 = 1073.9500 Korean won) (Reporting by Jungmin Jang; Editing by Kim Coghill)

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