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South Korean stocks ended lower on Monday on concerns that local firms’ earnings would be worse than previously expected. The local currency fell against the U.S. dollar.
The benchmark Korea Composite Stock PriceIndex shed 5.04 points, or 0.25 percent, to 2,026.60. Trading volume was moderate at 334 million shares worth 4.38 trillion won ($4.15 billion), with decliners outnumbering gainers 576 to 255.
The index, after swerving in and out of positive terrain in the morning session, caved to institutional selling in the afternoon on rising concerns that the strong dollar may stoke a capital outflow from the local stock market.
“The strong U.S. dollar is destabilizing foreign investors’ sentiment for the local stock market amid weak hopes for corporate earnings and local economy,” said Kim Ji-hyung, an analyst at Hanyang Securities.
Local stocks sensitive to China‘s economic conditions led the overall market decline.
POSCO, the country’s top steelmaker, shed 4.53 percent to end at 316,000 won, and top shipbuilder Hyundai Heavy Industries lost 1.8 percent to finish at 25,100 won.
LG Chem, the country‘s leading chemicals firm, dropped 4.85 percent to end at 255,000 won.
Other market heavyweights remained in positive terrain.
Top market cap Samsung Electronics gained 0.84 percent to close at 1,195,000 won, rising for the third consecutive day, and chipmaker SK hynix moved up 3.4 percent to end at 47,150 won on hopes for a sharp improvement in its third-quarter earnings.
Hyundai Motor and its affiliates bounced back after suffering a series of routs in previous few sessions on their contract to buy prime real estate in Seoul, valued at more than 10 trillion won.
Hyundai Motor rose 1.34 percent to end at 189,500 won, and its smaller affiliate Kia Motors was up 0.38 percent at 53,200 won. (Yonhap)
The benchmark Korea Composite Stock PriceIndex shed 5.04 points, or 0.25 percent, to 2,026.60. Trading volume was moderate at 334 million shares worth 4.38 trillion won ($4.15 billion), with decliners outnumbering gainers 576 to 255.
The index, after swerving in and out of positive terrain in the morning session, caved to institutional selling in the afternoon on rising concerns that the strong dollar may stoke a capital outflow from the local stock market.
“The strong U.S. dollar is destabilizing foreign investors’ sentiment for the local stock market amid weak hopes for corporate earnings and local economy,” said Kim Ji-hyung, an analyst at Hanyang Securities.
Local stocks sensitive to China‘s economic conditions led the overall market decline.
POSCO, the country’s top steelmaker, shed 4.53 percent to end at 316,000 won, and top shipbuilder Hyundai Heavy Industries lost 1.8 percent to finish at 25,100 won.
LG Chem, the country‘s leading chemicals firm, dropped 4.85 percent to end at 255,000 won.
Other market heavyweights remained in positive terrain.
Top market cap Samsung Electronics gained 0.84 percent to close at 1,195,000 won, rising for the third consecutive day, and chipmaker SK hynix moved up 3.4 percent to end at 47,150 won on hopes for a sharp improvement in its third-quarter earnings.
Hyundai Motor and its affiliates bounced back after suffering a series of routs in previous few sessions on their contract to buy prime real estate in Seoul, valued at more than 10 trillion won.
Hyundai Motor rose 1.34 percent to end at 189,500 won, and its smaller affiliate Kia Motors was up 0.38 percent at 53,200 won. (Yonhap)
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Articles by Korea Herald
