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Korean stocks finished almost unchanged on Friday as fresh concerns over the global economy were muted by the buying of undervalued stocks, analysts said. The local currency rose against the U.S. dollar.
After volatile trading, the benchmark Korea Composite Stock Price Index lost 0.37 point, or 0.02 percent to close at 2,014.04. Trading volume was moderate at 445 million shares worth 5.25 trillion won ($4.63 billion) with gainers outpacing 509 to 317.
“Upside momentum of the U.S. economy is weak, and there are still concerns over an economic slowdown in Europe,” said Lee Seung-ho, an analyst at Daishin Securities.
The analyst said the local stock market will be rangebound for the time being, as there are neither big negative nor positive factors that significantly affect the market.
Shipbuilders, tech firms and brokerage firms finished in negative terrain.
Market bellwether Samsung Electronics shed 0.39 percent to close at 1,275,000 won. Hynix Semiconductor, the world’s No. 2 chipmaker, dropped 4.1 percent to end at 29,250 won.
Hyundai Heavy Industries, the country’s leading shipbuilder, declined 0.46 percent to close at 321,500 won, and its smaller rival Daewoo Shipbuilding & Marine Engineering dropped 3.04 percent to end at 30,300 won.
Other large-cap shares also closed lower. Industry leader Hyundai Motor shed 1.48 percent to end at 233,000 won, and its smaller affiliate Kia Motors lost 1.28 percent to close at 74,100 won.
Chemicals and refiners rose, however. LG Chem, the country’s leading chemicals maker, gained 2.21 percent to end at 371,000 won, and SK Innovation, the nation’s leading refiner, gained 1.85 percent to close at 165,500 won.
The local currency finished at 1,132.40 won to the greenback, up 4.5 won from Thursday’s close, on stronger than expected economic data, dealers said.
(Yonhap News)
After volatile trading, the benchmark Korea Composite Stock Price Index lost 0.37 point, or 0.02 percent to close at 2,014.04. Trading volume was moderate at 445 million shares worth 5.25 trillion won ($4.63 billion) with gainers outpacing 509 to 317.
“Upside momentum of the U.S. economy is weak, and there are still concerns over an economic slowdown in Europe,” said Lee Seung-ho, an analyst at Daishin Securities.
The analyst said the local stock market will be rangebound for the time being, as there are neither big negative nor positive factors that significantly affect the market.
Shipbuilders, tech firms and brokerage firms finished in negative terrain.
Market bellwether Samsung Electronics shed 0.39 percent to close at 1,275,000 won. Hynix Semiconductor, the world’s No. 2 chipmaker, dropped 4.1 percent to end at 29,250 won.
Hyundai Heavy Industries, the country’s leading shipbuilder, declined 0.46 percent to close at 321,500 won, and its smaller rival Daewoo Shipbuilding & Marine Engineering dropped 3.04 percent to end at 30,300 won.
Other large-cap shares also closed lower. Industry leader Hyundai Motor shed 1.48 percent to end at 233,000 won, and its smaller affiliate Kia Motors lost 1.28 percent to close at 74,100 won.
Chemicals and refiners rose, however. LG Chem, the country’s leading chemicals maker, gained 2.21 percent to end at 371,000 won, and SK Innovation, the nation’s leading refiner, gained 1.85 percent to close at 165,500 won.
The local currency finished at 1,132.40 won to the greenback, up 4.5 won from Thursday’s close, on stronger than expected economic data, dealers said.
(Yonhap News)
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Articles by Korea Herald
