Political scandal weighs on local market
The Kospi closed at 2,070.54, down 1.33 points, or 0.06 percent, from the previous trading day. Retail investors offloaded 69.2 billion won ($59 million), and foreign investors sold 19.1 billion won. Institutional investors bought 86.9 billion won in shares. Market analysts said the purchase of electronics shares limited what could have been a steeper downfall.
Market bellwether Samsung Electronics slipped 0.05 percent to 1,847,000 won. Samsung C&T fell for a third trading day to close down 1.6 percent at 123,000 won.
Hankook Tire fell 3.17 percent to 61,000 won. The company has been on a general decline after hitting a two-year record last week.
LG Electronics rose 2.48 percent to 53,700 won. Its affiliate LG Display saw an increase of 1.12 percent, closing at 31,550 won.
The secondary Kosdaq snapped a two-day decline to close up 2.89 points, or 0.46 percent, to 626.89. Foreign investors halted their eight-day selling spree and bought 27.8 billion won in Kosdaq shares.
Pharmaceutical company Celltrion inched up 0.3 percent to 101,300 won, whereas Medytox retreated 2.07 percent to 415,600 won. Kakao fell 0.98 percent to 81,100 won.
“Investors are taking a wait-and-see attitude due to the possible arrest of Samsung Electronics Vice Chairman Lee Jae-yong and uncertainty about Trump’s policies,” said Kim Yong-koo, an analyst at Hana Financial Investment & Securities.
The next big events for the global markets are Federal Reserve Chair Janet Yellen’s speech on Wednesday in the United States and the European Central Bank’s first meeting of the year on Thursday.
The Korean won strengthened 0.7 percent to 1,166.7 on the dollar. Three-year and 10-year government bonds each added two basis points to end at 1.65 and 2.12 percent.
BY SONG KYOUNG-SON, YONHAP [song.kyoungson@joongang.co.kr]
with the Korea JoongAng Daily
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