Seoul shares close nearly flat amid weak US consumption data

Seoul, Dec 24 (IANS) Seoul shares closed nearly flat on Tuesday as investors stayed on the sidelines ahead of Christmas, with the US consumer confidence index for this month showing signs of contraction.

The Korean won weakened against the greenback, breaching the 1,450 won level for the fourth straight session.

The benchmark Korea Composite Stock Price Index (KOSPI) shed 1.49 points, or 0.06 percent, to close at 2,440.52, reports Yonhap news agency.

Trade volume was low at 380 million shares worth 6.64 trillion won ($4.55 billion), with losers outnumbering gainers 483 to 389.

Foreigners sold a net 17.2 billion won, and individuals offloaded a net 96.3 billion won. Institutions picked up a net 22.5 billion won.

Overnight, the Conference Board, a nonprofit U.S. organisation, released its consumer confidence index for December, which came to 104.7, marking the lowest level since September.

Investors were also seen taking a breather as the South Korean financial market is set to close Wednesday for Christmas.

"Amid the lack of momentum, investors took a wait-and-see approach," said Kim Ji-won, an analyst at KB Securities.

Top tech giant Samsung Electronics moved up 1.68 per cent to 54,400 won, while No. 2 chipmaker SK hynix lost 0.65 per cent to 168,500 won.

Poongsan, a defense company, rose 2.36 percent to 52,100 won on reports that its chief, Ryu Jin, was invited to the inauguration ceremony of U.S. President-elect Donald Trump as the head of the Federation of Korean Industries.

Carmakers finished mixed, with Hyundai Motor rising 0.7 per cent to 216,500 won and its sister Kia losing 0.3 per cent to 100,600 won. Auto parts giant Hyundai Mobis shed 0.41 per cent to 243,000 won.

Samsung Biologics moved down 1.16 per cent to 938,000 won, while Celltrion increased 0.26 per cent to 194,400 won.

The local currency was quoted at 1,456.4 won against the U.S. dollar at 3:30 p.m., down 4.4 won from the previous session.

Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys added 1 basis point to 2.626 per cent and the return on the benchmark five-year government bonds shed 4.4 basis points to close at 2.801 per cent.