The KOSPI's turnover stood at 3.5 trillion Korean won ($3.26 billion) on Wednesday, according to Reuters data. This was just 80 percent of its 30-session daily weighted average trading volume, in line with the historical pattern of trading volume trending low near year-end.
"The main board rose, tracing Tuesday's gains in Asian peers plus due to some purchases before the ex-dividend date, but it was offset late in the session by concerns about the progress of US fiscal talks," said Bae Sung-young, an analyst at Hyundai Securities. Thursday is the day on which shares go ex-dividend, meaning that people who buy after then won't qualify for dividends for the current reporting period. Bluechips closed mixed. Heavyweight Samsung Electronics Co Ltd pared earlier gains to close down 0.3 percent at 1.47 million won per share, edging further away from to its lifetime high of 1.533 million won reached on December 13.
Shares in electric power and gas companies were bullish with state utility Korea Electric Power Corp up 1.7 percent while Korea Gas Corp rose 2 percent. "Investor hopes for a hike in electricity prices is pushing share prices up despite the government's denial of an imminent price hike as the necessity for higher prices continues to be mentioned within Korea Electric Power Corp," said Shin Min-seok, an analyst at Shinhan Investment Corp.
But mobile carriers SK Telecom Co Ltd, KT Corp and LG Uplus Corp all fell at least 0.4 percent after South Korea's telecommunications regulator on Monday decided to ban the carriers from attracting new subscribers for a combined 66 days. Gainers outnumbered decliners 459 to 367. The KOSPI 200 benchmark of core stocks closed down 0.1 percent, while the junior KOSDAQ edged 0.2 percent lower.