SEOUL, Jan. 31 (Yonhap) -- South Korean stocks fell slightly Wednesday as foreign investors remained net sellers of local stocks. The Korean won rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) slipped 1.28 points, or 0.05 percent, to close at 2,566.46. Trade volume was moderate at 396 million shares worth 10.7 trillion won (US$10 billion).
The local stock market opened lower after a heavy sell-off on Wall Street overnight.
The KOSPI started rising after Samsung Electronics said it will split its stocks, but all of the gains were erased as the market closed.
Some analysts said Samsung Electronics' stock split would allow more retail investors to buy the stock but that it would have a limited impact on the stock price.
Song Myeong-seop, an analyst at HI Investment & Securities, said a stock-split plan is meaningful because it "increases accessibility for retail investors," but a stock price will be eventually judged by an industry's performance.
Samsung Electronics rose 0.24 percent to end at 2,495,000 won, and SK hynix, a global chipmaker, gained 0.55 percent to 73,500 won.
Naver, the operator of the country's top Internet portal, shed 2.26 percent to 910,000 won per share.
Automakers traded in positive terrain, with industry leader Hyundai Motor up 3.85 percent to 162,000 won, and its smaller affiliate Kia Motors climbing 1.32 percent to 34,650 won.
The local currency closed at 1,067.90 won against the U.S. dollar, up 5.7 won from the previous session's close.
(END)