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Seoul shares down 0.34 pct on large-cap losses

All News 15:37 April 29, 2016

SEOUL, April 29 (Yonhap) -- South Korean stocks closed lower on Friday as investors unloaded tech, auto and large caps following the overnight bearish run in U.S. markets. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) dropped 6.78 points, or 0.34 percent, to 1,994.15. Trade volume was moderate at 393.29 million shares worth 4.9 trillion won (US$4.3 billion), with losers outnumbering gainers 457 to 339.

"Investor concerns seem to be lingering over the U.S. economic growth momentum and the recent move by Japan's central bank to stand pat on its fiscal policy without any additional measures continued to serve as a drag," said Han Yo-seop, an analyst at Mirae Asset Daewoo.

The market got off to a weak start in line with losses in U.S. stocks and the losses extended as the day progressed. On Thursday, the Dow Jones industrial average fell 1.17 percent.

Institutional investors led the market downward by selling over 200 billion won worth of shares in net value. Foreigners and retail investors bought more shares than they sold.

Tech and auto shares ended bearish.

Samsung Electronics fell 1.58 percent to close at 1,245,000 won, while automaking giant Hyundai Motor plunged 3.04 percent to 143,500 won. Second-ranked Kia Motors shed 0.62 percent to 47,900 won.

Chemical shares also lost marked ground, with market leader LG Chem closing down 1.98 percent to 297,000 won. SK Telecom, a major mobile carrier, was down 2.14 percent to close at 206,000 won after disclosing what many see as worse-than-expected first quarter earnings

Cosmetics makers, however, were among gainers. Market leader AmorePacific ended up 0.87 percent to 407,500 won. Leading Internet portal operator Naver also gained 2.73 percent to 677,000 won.

The local currency closed at 1,139.3 won against the greenback, down 1.1 won from Thursday's close


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