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South Korean stocks closed 0.23 percent lower Thursday due to lackluster U.S. corporate earnings, eurozone concerns and North Korea’s threat, analysts said. The local currency fell against the U.S. dollar.
The benchmark KOSPI fell 4.67 points to close at 1,999.86. Trading volume was moderate at 405 million shares worth 4.02 trillion won ($3.52 billion), with losers outpacing gainers 534 to 299.
“U.S. economic data is improving, but the slow pace of recovery, as seen by weak tech companies earnings, is affecting the local stock market,” said Soo-Young Larry, an analyst at KB Investment and Securities Co.
This view was echoed by Lee Jae-man, an analyst at Tongyang Securities Inc. “The overnight loss on Wall Street influenced the KOSPI, although its overall loss is not severe,” he said. “Because there is no clear upward or downward momentum, stock prices remained locked through most of the trading session.”
Others cited Spain’s lingering fiscal woes that are dragging down other European countries, and the announcement by North Korea that it will blow up Seoul for insulting the dignity of the communist country, as weighing down the market.
Shares fell across the board, with electronics managing to pull off modest gains.
Top automaker Hyundai Motor Co. surrendered 1.52 percent to 259,500 won, with shares of its affiliate Kia Motors falling 0.62 percent to 80,000 won.
Hyundai Heavy Industries, the world’s largest shipmaker, fell 0.32 percent to 314,500 won, with Hyundai Engineering & Construction losing 2.32 percent to finish at 75,900 won.
POSCO, the country’s No.1 steelmaker, gave up 0.13 percent to 380,000 won with Hyundai Steel also losing 0.96 percent to 103,000 won.
LG Chem, a leading manufacturer of rechargeable batteries, however, edged up 0.14 percent to 347,500 won. Market bellwether Samsung Electronics gained 1.08 percent to close at 1,307,000 won.
The local currency finished at 1,138.1 won to the greenback, down 0.8 won from Wednesday’s close, dealers said.
(Yonhap News)
The benchmark KOSPI fell 4.67 points to close at 1,999.86. Trading volume was moderate at 405 million shares worth 4.02 trillion won ($3.52 billion), with losers outpacing gainers 534 to 299.
“U.S. economic data is improving, but the slow pace of recovery, as seen by weak tech companies earnings, is affecting the local stock market,” said Soo-Young Larry, an analyst at KB Investment and Securities Co.
This view was echoed by Lee Jae-man, an analyst at Tongyang Securities Inc. “The overnight loss on Wall Street influenced the KOSPI, although its overall loss is not severe,” he said. “Because there is no clear upward or downward momentum, stock prices remained locked through most of the trading session.”
Others cited Spain’s lingering fiscal woes that are dragging down other European countries, and the announcement by North Korea that it will blow up Seoul for insulting the dignity of the communist country, as weighing down the market.
Shares fell across the board, with electronics managing to pull off modest gains.
Top automaker Hyundai Motor Co. surrendered 1.52 percent to 259,500 won, with shares of its affiliate Kia Motors falling 0.62 percent to 80,000 won.
Hyundai Heavy Industries, the world’s largest shipmaker, fell 0.32 percent to 314,500 won, with Hyundai Engineering & Construction losing 2.32 percent to finish at 75,900 won.
POSCO, the country’s No.1 steelmaker, gave up 0.13 percent to 380,000 won with Hyundai Steel also losing 0.96 percent to 103,000 won.
LG Chem, a leading manufacturer of rechargeable batteries, however, edged up 0.14 percent to 347,500 won. Market bellwether Samsung Electronics gained 1.08 percent to close at 1,307,000 won.
The local currency finished at 1,138.1 won to the greenback, down 0.8 won from Wednesday’s close, dealers said.
(Yonhap News)
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Articles by Korea Herald
