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South Korean stocks ended 1 percent lower on Wednesday as a stronger won hurt exporters such as LG Electronics, analysts said. The South Korean won rose to a near-six year high against the U.S. dollar.
The benchmark Korea Composite Stock Price Index fell 19.56 points to 1,939.88. Trading volume was weak at 189.64 million shares worth 3.54 trillion won ($3.4 billion), with losers outnumbering gainers 571 to 237.
The KOSPI started higher but soon reversed course in early morning trading due to losses in big caps. A selling spree of exporter stocks by foreign investors sent the key index lower in afternoon trading.
“The sharp rise of the won against the dollar and woes over the Chinese economy combined to pull down the KOSPI,” said Kang Hyun-gie, an analyst at I’M Investment & Securities Co. “The won’s rise hurt exporters, and China’s lower-than-expected HSBC PMI made investors jittery over the Chinese economy.”
The HSBC services China Purchasing Managers’ Index for April, a gauge of nationwide manufacturing activity in the world’s second-largest economy, edged up to 48.1 from 48.0 in March, but stayed below the benchmark 50 level that separates monthly contraction from expansion. The index was out on Monday. The South Korean bourse reopened Wednesday after two days of holidays.
Most big-cap exporters were in negative territory as foreign investors dumped them on woes of a stronger won that usually make Korean products more expensive overseas, hurting their dollar earnings.
Tech giant Samsung Electronics fell 0.15 percent to 1,344,000 won and top automaker Hyundai Motor dropped 0.89 percent to 223,000 won. LG Electronics tumbled 3.43 percent to 67,500 won.
Shipbuilders also remained in the red. Daewoo Shipbuilding & Marine Engineering fell 1.58 percent to 28,000 won despite news that it has clinched a $160 million deal to build two LNG carriers for an Asian shipper. Samsung Heavy Industries lost a whopping 4.17 percent to 26,400 won on foreign selling.
The country’s top steelmaker POSCO fell 1.80 percent to 299,500 won and No. 2 steelmaker Hyundai Steel also shed 1.64 percent to 65,900 won.
In contrast with exporters, domestic shares like Korea Electric Power were in the black. KEPCO rose 0.99 percent to 40,750 won.
The South Korean won finished at 1,022.50 won, up 7.80 won from the 1,030.30 won of Friday’s close. (Yonhap)
The benchmark Korea Composite Stock Price Index fell 19.56 points to 1,939.88. Trading volume was weak at 189.64 million shares worth 3.54 trillion won ($3.4 billion), with losers outnumbering gainers 571 to 237.
The KOSPI started higher but soon reversed course in early morning trading due to losses in big caps. A selling spree of exporter stocks by foreign investors sent the key index lower in afternoon trading.
“The sharp rise of the won against the dollar and woes over the Chinese economy combined to pull down the KOSPI,” said Kang Hyun-gie, an analyst at I’M Investment & Securities Co. “The won’s rise hurt exporters, and China’s lower-than-expected HSBC PMI made investors jittery over the Chinese economy.”
The HSBC services China Purchasing Managers’ Index for April, a gauge of nationwide manufacturing activity in the world’s second-largest economy, edged up to 48.1 from 48.0 in March, but stayed below the benchmark 50 level that separates monthly contraction from expansion. The index was out on Monday. The South Korean bourse reopened Wednesday after two days of holidays.
Most big-cap exporters were in negative territory as foreign investors dumped them on woes of a stronger won that usually make Korean products more expensive overseas, hurting their dollar earnings.
Tech giant Samsung Electronics fell 0.15 percent to 1,344,000 won and top automaker Hyundai Motor dropped 0.89 percent to 223,000 won. LG Electronics tumbled 3.43 percent to 67,500 won.
Shipbuilders also remained in the red. Daewoo Shipbuilding & Marine Engineering fell 1.58 percent to 28,000 won despite news that it has clinched a $160 million deal to build two LNG carriers for an Asian shipper. Samsung Heavy Industries lost a whopping 4.17 percent to 26,400 won on foreign selling.
The country’s top steelmaker POSCO fell 1.80 percent to 299,500 won and No. 2 steelmaker Hyundai Steel also shed 1.64 percent to 65,900 won.
In contrast with exporters, domestic shares like Korea Electric Power were in the black. KEPCO rose 0.99 percent to 40,750 won.
The South Korean won finished at 1,022.50 won, up 7.80 won from the 1,030.30 won of Friday’s close. (Yonhap)
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Articles by Korea Herald
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