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S.Korean shares end flat ahead of major global events

Xinhua, June 3, 2016 Adjust font size:

South Korean shares ended almost unchanged on Friday ahead of major global events such as employment data in the United States and Fed Chair Janet Yellen's speech.

The benchmark Korea Composite Stock Price Index (KOSPI) inched up 0.73 points, or 0.04 percent, to settle at 1,985.84. Trading volume stood at 514.00 million shares worth 5.15 trillion won (4.34 billion U.S. dollars).

The KOSPI moved in a narrow range throughout the session as foreign and institutional investors traded local stocks in an opposite direction ahead of major global events.

Yellen is scheduled to deliver a speech on June 6 amid rising expectations for the U.S. rate hike as early as this month. The Fed chair said last week that a U.S. rate hike in coming months would be appropriate.

The U.S. labor department would announce its monthly payroll data on Friday. Investors would seek to watch whether the U.S. labor market continued to recover.

The Organization for Petroleum Exporting Countries (OPEC) failed to set a ceiling on oil production, but crude oil prices rose overnight on lower oil inventory in the United States.

Market watchers said market volatility could increase in the local stock market according to Yellen's speech and the results of U.S. payroll data, or global events that can have a significant impact on global stocks.

Foreign and retail investors offloaded stocks worth 112 billion won and 115 billion won each, while local financial institutions purchased a net 191 billion won worth of shares.

Large-cap shares ended mixed. Market bellwether Samsung Electronics gained 0.9 percent to close at 1,377,000 won, breaking the year's high for four straight days. The recent gains came from expectations for positive second-quarter earnings results.

Hyundai Merchant Marine, which has been struggling with the government-led corporate restructuring, tumbled 9.1 percent, but top automaker Hyundai Motor added 0.4 percent. The most-used search engine Naver increased 1.43 percent, but the biggest life insurer Samsung Life Insurance declined 2.4 percent.

South Korea's currency finished at 1,183.6 won against the greenback, up 3.0 won from Thursday's close.

Bond prices ended higher. Yields on the liquid three-year treasury notes fell 2.0 basis points to 1.423 percent, and returns on the benchmark 10-year government bonds dipped 2.5 basis points to 1.738 percent. Enditem