South Korean stocks skidded lower Monday as a weakening yen stoked concerns about the profitability of local manufacturers, analysts said. The local currency weakened against the U.S. dollar.

The benchmark Korea Composite Stock Price Index tumbled 11.46 points, or 0.58 percent, to 1,952.97, marking the biggest daily percentage drop since Oct. 21. Trading volume was moderate at 340.1 million shares worth 4.48 trillion won ($4.18 billion), with decliners leading gainers, 491 to 328.

“Shares that are sensitive to swings in currency fell across the board. Investors had been wary of manufacturers due to their weak earnings and a weakening yen is an additional factor that may delay the resolution of such sentiment,” said Lim Dong-lak, an analyst at Hanyang Securities.

On Friday, the Bank of Japan announced further monetary easing, sending the yen sharply lower against the U.S. dollar and also bringing a sharp slide in the Korean won against the greenback.

The move had spurred fears that a weakening yen will erode the competitiveness of South Korean manufacturers that compete with Japanese companies.

Autos led the losses, with top carmaker Hyundai Motor plunging 5.88 percent to 160,000 won. Its sister company, Kia Motors, lost 5.57 percent to 49,200 won.

Market bellwether Samsung Electronics, which shocked investors with its third-quarter earnings, slipped 0.72 percent to 1,235,000 won.

In contrast, cosmetics giant Amore Pacific surged 5.43 percent to 2,425,000 won on hopes that an upcoming six-day holiday in Beijing for the APEC summit will help boost its sales.

Other defensive stocks, such as top mobile carrier SK Telecom, rose 3.37 percent to 276,000 won on strong demand for the latest iPhone.

The local currency ended at an almost seven-month low of 1,072.6 won against the U.S. dollar, down 4.1 won from the previous close, following the earlier-than-expected move by Japan‘s central bank. (Yonhap)