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South Korean stocks closed 0.87 percent lower on Thursday as concerns over China’s weak manufacturing data weighed on investor sentiment here, analysts said. The local currency dropped against the U.S. dollar. The benchmark Korea Composite Stock Price Index fell 17.55 points to 1,990.33. Trading volume was heavy at 612.4 million shares worth 5.28 trillion won ($4.7 billion), with decliners outnumbering gainers 461 to 366.
“The market expects the Chinese economy to make a turnaround. However, this is happening very slowly and the weak manufacturing data also mirrored that trend,” said Kim Young-jun, an analyst at SK Securities Co.
A preliminary reading on China’s purchasing managers’ index by HSBC came to 47.8 this month, extending its below-50 streak. (Yonhap News)
“The Bank of Japan’s stimulus had limited impact, both positive and negative, on the local market,” he added.
Techs led the declines. Market bellwether Samsung Electronics fell 2.05 percent to 1,287,000 won, while smaller home appliance maker LG Electronics lost 1.82 percent to 75,700 won.
SK hynix, however, gained 1.7 percent to 23,900 won on speculations a possible reduction in Samsung’s chip spending next year would benefit the No. 2 player.
Energy shares ended bearish on a fall in global oil prices.
Market leader SK Innovation dropped 4.3 percent to 167,000 won and No. 3 player S-Oil fell 3.24 percent to 104,500 won.
Shares of companies in the film industry got a boost from news that the number of movie theater audience is likely to hit 180 million this year, up 13 percent from the previous year. CJ CGV jumped 2.97 percent to 29,450 won.
The local currency ended at 1,123.1 won against the greenback, down 8.3 won from Wednesday’s close due to doubts over Japan’s stimulus measures and weak China data, dealers said.
Bond prices, which move inversely to yields, closed sharply higher. The yield on three-year Treasuries slipped 0.06 percentage points to 2.82 percent and the return on the benchmark five-year government bonds fell 0.07 percentage points to 2.90 percent. (Yonhap News)
“The market expects the Chinese economy to make a turnaround. However, this is happening very slowly and the weak manufacturing data also mirrored that trend,” said Kim Young-jun, an analyst at SK Securities Co.
A preliminary reading on China’s purchasing managers’ index by HSBC came to 47.8 this month, extending its below-50 streak. (Yonhap News)
“The Bank of Japan’s stimulus had limited impact, both positive and negative, on the local market,” he added.
Techs led the declines. Market bellwether Samsung Electronics fell 2.05 percent to 1,287,000 won, while smaller home appliance maker LG Electronics lost 1.82 percent to 75,700 won.
SK hynix, however, gained 1.7 percent to 23,900 won on speculations a possible reduction in Samsung’s chip spending next year would benefit the No. 2 player.
Energy shares ended bearish on a fall in global oil prices.
Market leader SK Innovation dropped 4.3 percent to 167,000 won and No. 3 player S-Oil fell 3.24 percent to 104,500 won.
Shares of companies in the film industry got a boost from news that the number of movie theater audience is likely to hit 180 million this year, up 13 percent from the previous year. CJ CGV jumped 2.97 percent to 29,450 won.
The local currency ended at 1,123.1 won against the greenback, down 8.3 won from Wednesday’s close due to doubts over Japan’s stimulus measures and weak China data, dealers said.
Bond prices, which move inversely to yields, closed sharply higher. The yield on three-year Treasuries slipped 0.06 percentage points to 2.82 percent and the return on the benchmark five-year government bonds fell 0.07 percentage points to 2.90 percent. (Yonhap News)
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Articles by Korea Herald
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