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Korean stocks closed 1.74 percent lower on Wednesday, as no signs of policy actions in the eurozone prompted investors to scurry to unload shares, analysts said. The local currency lost ground against the U.S. dollar.
The benchmark Korea Composite Stock Price Index retreated 33.10 points to finish at 1,874.03. Trading volume was heavy at 602.3 million shares worth 4.62 trillion won ($4.07 billion) with decliners far outstripping advancers 580 to 240.
“The KOSPI has fared well since its upward trend seen in August with a lot of foreigners coming in. But investors stay doubtful that European policymakers will act to boost the economy,” said Kwak Joong-bo, an analyst at Samsung Securities Co.
Investors’ disappointment over any concrete stimulus measures was reflected in sell-offs led by foreigners and institutional investors who unloaded a net 63.5 billion won and a net 486.9 billion won each.
Downbeat manufacturing data in the U.S. overnight also dented investor appetite, sending autos, techs and machineries to drive down the shares.
No. 1 automaker Hyundai Motor slumped 3.81 percent to 227,000 won, with top-cap Samsung Electronics sinking 2.38 percent to 1,189,000 won. Leading steelmaker POSCO slid 1.38 percent to 358,000 won.
Automobile companies saw their August sales decline due to bad weather, recent strikes by unionized workers amid global jitters, analysts said. Shares of Hyundai Mobis, an auto parts maker affiliated with Hyundai Motor, also dropped 2.47 percent to 296,500 won.
In contrast, LG Electronics, a mobile phone and home appliance maker, rose 1.76 percent to 69,400 won, on the back of brighter earnings prospects. (Yonhap News)
The benchmark Korea Composite Stock Price Index retreated 33.10 points to finish at 1,874.03. Trading volume was heavy at 602.3 million shares worth 4.62 trillion won ($4.07 billion) with decliners far outstripping advancers 580 to 240.
“The KOSPI has fared well since its upward trend seen in August with a lot of foreigners coming in. But investors stay doubtful that European policymakers will act to boost the economy,” said Kwak Joong-bo, an analyst at Samsung Securities Co.
Investors’ disappointment over any concrete stimulus measures was reflected in sell-offs led by foreigners and institutional investors who unloaded a net 63.5 billion won and a net 486.9 billion won each.
Downbeat manufacturing data in the U.S. overnight also dented investor appetite, sending autos, techs and machineries to drive down the shares.
No. 1 automaker Hyundai Motor slumped 3.81 percent to 227,000 won, with top-cap Samsung Electronics sinking 2.38 percent to 1,189,000 won. Leading steelmaker POSCO slid 1.38 percent to 358,000 won.
Automobile companies saw their August sales decline due to bad weather, recent strikes by unionized workers amid global jitters, analysts said. Shares of Hyundai Mobis, an auto parts maker affiliated with Hyundai Motor, also dropped 2.47 percent to 296,500 won.
In contrast, LG Electronics, a mobile phone and home appliance maker, rose 1.76 percent to 69,400 won, on the back of brighter earnings prospects. (Yonhap News)
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Articles by Korea Herald
