Kospi records slight drop at week’s start
The Korean market kicked off the week with a 0.3 percent dip yesterday, with the benchmark Kospi closing at 2,035.82 points, down 6.04 points.Samsung Electronics, the market’s leader by capitalization, lost 0.08 percent to 1.2 million won ($1,155) while its rival LG Electronics added 1.25 percent to 72,800 won. The two companies are currently entangled in a feud over Samsung’s allegations that LG executives purposely damaged Samsung washing machines in Berlin during the companies’ visit there for the IFA.
SK Hynix, the nation’s major memory chip maker, plummeted 3.82 percent to 42,800 won.
Automobile shares were mixed. Hyundai Motor dropped 0.23 percent to 219,500 won. Its affiliate Kia Motors, meanwhile, gained 0.84 percent to 60,100 won. Hyundai Mobis, the nation’s largest auto parts maker, rallied 2.19 percent to 280,000 won.
Posco dipped 1.11 percent to 357,000 won, and Hyundai Steel lost 0.25 percent to 78,300 won.
Other large-cap shares were mixed. LG Chem added 0.56 percent to 267,500 won, while Lotte Chemical’s remained the same as Friday at 170,500 won. Meanwhile, Daum maintained its weeklong plunge. The No. 2 portal site dropped 4.71 percent to 145,700 won. Its rival Naver, however, managed to climb 0.28 percent to 710,000 won.
NCSoft, the nation’s major online game publisher and developer, plummeted for a fourth day to close at 139,000 won, down 3.14 percent. Analysts attributed the dip to decreasing momentum from China’s game market. NHN Entertainment, another leading game company, dropped 5.6 percent to 74,200 won.
The won went down to 1,038 per dollar at the close, its weakest level in almost five months since April.
“The won weakened earlier on China’s weak economy data, and pared losses as local exporters sold dollars once the dollar-won rate breached 1,040,” said Kim Mi-jung, a currency trader at Suhyup Bank.
The yield on the 2.75 percent notes due June 2017 fell one basis point to a record low of 2.41 percent after dropping 10 basis points last week, Korea Exchange prices showed. The 10-year yield rose three basis points to 3.05 percent.
BY KIM EUN-JI, BLOOMBERG [eunjik@joongang.co.kr]
with the Korea JoongAng Daily
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