Market reels from Samsung’s troubles

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Market reels from Samsung’s troubles

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Korean stocks finished slightly lower on Friday as investors remained jittery about the arrest of Samsung Group chief Lee Jae-yong over his alleged role in a high-profile scandal that led to the impeachment of President Park Geun-hye.

The Korean won also fell against the U.S. dollar. The local currency closed at 1,146.30 won against the greenback, down 4.8 won from the previous trading day.

The benchmark Kospi shed 1.26 points, or 0.06 percent from the previous trading day, to close at 2,080.58. Trade volume was moderate at 296 million shares worth 4.27 trillion won ($3.73 billion), with gainers outnumbering losers 403 to 389.

Retail investors sold the most stock at 92.3 billion won. Foreign investors followed by offloading 65.6 billion won whereas institutional investors stopped a further decline. They purchased 112.6 billion won in shares.

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The local stock market opened a tad lower as market sentiment was dampened by news that Samsung’s Lee was arrested over the bribery scandal. Shares affiliated with the group declined, and foreign investors sold local stock.

“Lee’s arrest is a negative factor for the market, but it does not mean an outright dent on Samsung Electronics and its affiliates,” said Kim Byong-yon, an analyst at NH Investment & Securities.

The analyst said the local stock market is also roiled by a slew of negative factors like increased currency volatility, uncertainties over the Trump administration’s trade policy and looming rate increases in the United States.

Samsung Electronics ended at 1,893,000 won, down 0.42 percent from the previous session’s close, and Samsung Life Insurance, the country’s leading life insurer, shed 1.4 percent to close at 106,000 won.

Samsung C&T, the de facto holding company of Samsung Group, fell 1.98 percent to 124,000 won.

In contrast, Posco, the country’s top steelmaker, rose 1.42 percent to end at 285,000 won, and SK Hynix, a major chipmaker, jumped 1.61 percent to 50,400 won,

Automakers remained in positive terrain. Hyundai Motor advanced 3.44 percent to 150,500 won, and its smaller affiliate Kia Motors rose 0.67 percent to 37,600 won.


BY YONHAP, SONG KYOUNG-SON [song.kyoungson@joongang.co.kr]
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