[THE INVESTOR] South Korean shares closed lower on Oct. 11, amid Samsung Electronics’ decision to halt global sales of the Galaxy Note 7 smartphone and renewed concerns over a US rate hike. The local currency also lost ground against the US dollar.

The benchmark KOSPI retreated 24.89 points, or 1.21 percent, to 2,031.93. Trading volume was slim at 338.8 million shares worth 5.12 trillion won (US$4.57 billion) with losers outnumbering gainers 408 to 391.

The index opened slightly lower as the tech giant Samsung Electronics stated it will soon halt global sales of its latest smartphone that had already been under a global recall for battery problems.

Samsung Electronics plunged 8.04 percent to 1,545,000 won.

Other major caps closed mixed.

Top automaker Hyundai Motor added 0.75 percent to 134,500 won, while its smaller affiliate Kia Motors advanced 0.84 percent to 42,050 won.

The automakers’ auto parts making affiliate, Hyundai Mobis, retreated 1.61 percent to 274,500 won, while top portal operator Naver lost 1.15 percent to 862,000 won.

Most bank issues closed in positive terrain.

Shinhan Financial, the holding company of local industry leader Shinhan Bank, spiked 2.08 percent to 41,750 won, while KB Financial surged 2.04 percent to 40,000 won.

Foreign investors remained net sellers for a second consecutive session, offloading 336.6 billion won worth of local shares.

Retail investors sold a net 155.4 billion won, while institutions purchased a net 494.2 billion won.

The local currency closed at 1,120.40 won against the US greenback, down 12.00 won from the previous session’s close.

(theinvestor@heraldcorp.com)