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[THE INVESTOR] South Korean stocks closed lower on July 28 as the US Federal Open Market Committee’s decision to freeze the key interest rate was in line with market expectations. The local currency fell against the US dollar.
The benchmark Korea Composite Stock Price Index fell 3.95 points, or 0.20 percent, to close at 2,021,10. Trading volume was moderate at 347.03 million shares worth 4.25 trillion won (US$3.77 billion), with advancers outpacing losers 405 to 373.
“This FOMC (decision) is just a reconfirmation of the existing position,” said Kim Sung-hwan, an analyst at Bookook Securities, noting that the global financial market will continue to move around with expanding liquidity based on low interests.
Foreigners scooped up a net 196.8 billion won worth of local stocks, extending their buying binge for 16 sessions in a row.
Tech shares traded mixed, with market behemoth Samsung Electronics shedding 1.31 percent to 1,507,000 won despite its biggest quarterly operating profit in more than two years.
Earlier, the world’s largest maker of smartphones and semiconductors announced that it had earned 8.14 trillion won in the April-June period, boosted by robust sales of its latest premium smartphone and cost-cutting efforts.
Top chipmaker SK hynix advanced 0.30 percent to 33,550 won. LG Electronics shed 2.14 percent to 55,000 won.
Mobile carriers lost ground, with No. 3 LG Uplus falling 1.36 percent to 10.9 won, while KT lost 0.79 percent to 31,500 won.
Top mobile carrier SK Telecom inched down 0.65 percent to 229,500 won as it earlier reported a 26.9 percent fall in its net profit for the second quarter, hurt by a decline in equity method gains from its affiliate SK hynix.
No. 1 carmaker Hyundai Motor was down 0.73 percent to 136,000 won, and its smaller affiliate Kia Motors decreased 1.51 percent to 42,500 won.
The local currency ended at 1,124.40 won against the greenback, down 9.80 won from the previous close.
(theinvestor@heraldcorp.com)
The benchmark Korea Composite Stock Price Index fell 3.95 points, or 0.20 percent, to close at 2,021,10. Trading volume was moderate at 347.03 million shares worth 4.25 trillion won (US$3.77 billion), with advancers outpacing losers 405 to 373.
“This FOMC (decision) is just a reconfirmation of the existing position,” said Kim Sung-hwan, an analyst at Bookook Securities, noting that the global financial market will continue to move around with expanding liquidity based on low interests.
Foreigners scooped up a net 196.8 billion won worth of local stocks, extending their buying binge for 16 sessions in a row.
Tech shares traded mixed, with market behemoth Samsung Electronics shedding 1.31 percent to 1,507,000 won despite its biggest quarterly operating profit in more than two years.
Earlier, the world’s largest maker of smartphones and semiconductors announced that it had earned 8.14 trillion won in the April-June period, boosted by robust sales of its latest premium smartphone and cost-cutting efforts.
Top chipmaker SK hynix advanced 0.30 percent to 33,550 won. LG Electronics shed 2.14 percent to 55,000 won.
Mobile carriers lost ground, with No. 3 LG Uplus falling 1.36 percent to 10.9 won, while KT lost 0.79 percent to 31,500 won.
Top mobile carrier SK Telecom inched down 0.65 percent to 229,500 won as it earlier reported a 26.9 percent fall in its net profit for the second quarter, hurt by a decline in equity method gains from its affiliate SK hynix.
No. 1 carmaker Hyundai Motor was down 0.73 percent to 136,000 won, and its smaller affiliate Kia Motors decreased 1.51 percent to 42,500 won.
The local currency ended at 1,124.40 won against the greenback, down 9.80 won from the previous close.
(theinvestor@heraldcorp.com)
