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Kospi starts to slip again as Q3 results roll in

Nov 02,2018
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Korean shares ended lower Thursday as the benchmark index slid to negative territory after two consecutive sessions of gains. The Korean won appreciated against the U.S. dollar.

The main Kospi was mostly in positive territory during the trading session but fell later in the day, declining 5.23 points, or 0.26 percent, to end at 2,024.46.

Trading volume was moderate at 338.0 million shares worth 5.8 trillion won ($5.1 billion)

“The market’s recovery was limited due to the weaker-than-expected performances of listed firms,” said Lee Kyoung-min, an analyst at Kiwoom Securities.

Foreigners and retail investors were net buyers for the second consecutive session, scooping up a net 292.2 billion and 108.6 billion won worth of shares, respectively. Institutional investors sold a net 420.1 billion won worth of shares.

Market leader Samsung Electronics declined 0.59 percent to 42,150 won, while No. 2 chipmaker SK Hynix edged up 0.15 percent to 68,300 won. LG Electronics added 4.27 percent to 66,000 won.

Pharmaceutical shares ended up, with Celltrion soaring 4.60 percent to 227,500 won, and Samsung biopharmaceutical arm Samsung BioLogics gaining 0.65 percent to 390,000 won.

No. 1 carmaker Hyundai Motor climbed 1.88 percent to 108,500 won, and its auto parts affiliate Hyundai Mobis shed 1.32 percent to end at 187,500 won. Kia Motors added 1.06 percent to close at 28,700 won.

Top portal operator Naver fell 2.62 percent to close at 111,500 won, while rival tech company Kakao rose 1.64 percent to 93,100 won.

Telecommunications companies mostly fell. Industry leader SK Telecom ended in negative territory, dipping 2.43 percent to 261,500 won. LG U+ also ended down 0.31 percent to 16,100 won.

The country’s top chemical company LG Chem slipped 2.31 percent to 339,000 won.

Refiners also ended down as industry leader SK Innovation dropped 5.15 percent to 202,500 won, and S-Oil fell 4.03 percent to 119,000 won.

Despite a fall in the main index, secondary Kosdaq rose 8.79 points, or 1.36 percent, to end at 657.46. The tech and bio-heavy index was supported by a 2.01 percent rise in the U.S. Nasdaq Composite Index.

The Korean won ended at 1,138.10 won against the U.S. dollar, down 1.50 won from the last session.

Bond prices ended lower as the return on three-year bonds rose 0.3 basis points to 1.94 percent, and the yield on 10-year bonds advanced 0.8 basis points to 2.25 percent.


BY CHAE YUN-HWAN, YONHAP [chae.yunhwan@joongang.co.kr]