Go to Contents Go to Navigation

(LEAD) Seoul stocks inch down on U.S. political worries

All News 15:53 February 07, 2017

(ATTN: ADDS bond yields at bottom)

SEOUL, Feb. 7 (Yonhap) -- South Korean stocks fell slightly Tuesday as uncertainties over U.S. President Donald Trump's policies weighed on the local stock market. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) shed 2.45 points, or 0.12 percent, to close at 2,075.21. Trade volume was moderate at 268 million shares worth 4.01 trillion won (US$3.5 billion), with gainers outnumbering losers 407 to 397.

The local stock market started with a downbeat note, tracking an overnight decline on Wall Street.

"The U.S. government is swiftly pushing ahead with its anti-immigration and protectionism measures," said Kim Sung-hwan, an analyst at Bookook Securities.

Kim said the United States' moves are "pouring cold water" on expectations about South Korean exports, which have recently shown signs of a rebound.

Top cap Samsung Electronics fell 1.87 percent to end at 1,941,000 won, and SK hynix, a global chipmaker, declined 0.74 percent to 53,300 won.

Naver, the operator of the country's top Internet portal, rose 2.7 percent to close at 800,000 won.

Automakers traded in positive terrain, with industry leader Hyundai Motor up 1.83 percent to 139,000 won, and its smaller affiliate Kia Motors climbing 2.09 percent to 36,650 won.

The local currency closed at 1,144.30 won against the U.S. dollar, down 6.4 won from the previous session's close.

Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 3.0 basis points to 1.632 percent and the return on the benchmark five-year government bond declined 3.0 basis points to 1.818 percent.

Send Feedback
How can we improve?
Thanks for your feedback!