Kospi edges down on Samsung doubts
The benchmark Kospi closed at 2,168.95, down 3.77 points, or 0.17 percent, from the previous trading session. Friday’s loss was limited largely thanks to a bipartisan bill introduced in the U.S. House of Representatives a day earlier criticizing China’s trade retaliation against Korea.
Foreign investors offloaded 88.4 billion won ($78.7 million) in shares, and retail investors sold 182.7 billion won worth of stocks. Institutional investors, on the other hand, bought 221.3 billion won in shares.
Investors were cautiously awaiting a delayed U.S. health care vote that is seen as a test of President Donald Trump’s ability to deliver on his economic policies.
Samsung Electronics fell 0.72 percent to end at 2,075,000 won. Earlier in the day, Samsung Electronics Vice Chairman Kwon Oh-hyun told shareholders that the company might have to pause efforts to change the company’s management structure.
Companies doing business in China saw significant gains, largely thanks to a bipartisan resolution in the United States condemning China for retaliating against Korea for its decision to host a U.S. missile shield in the country. AmorePacific, manufacturer of cosmetics popular in China, rose 2.13 percent to 288,000 won, and Lotte Shopping, operator of retail units in China, added 2.61 percent to close at 216,500 won. Korean Air gained 0.81 percent to end at 30,950 won.
Automakers traded in negative terrain, with industry leader Hyundai Motor down 0.61 percent to close at 164,000 won, and its smaller affiliate Kia Motors edging down 0.13 percent to 37,250 won.
The secondary Kosdaq closed at 608.18, up 2.65 points, or 0.44 percent, from the previous trading day. The local currency closed at 1,122.60 won against the U.S. dollar, down 0.2 won from the previous session’s close.
BY KIM YOUNG-NAM, YONHAP [kim.youngnam@joongang.co.kr]
with the Korea JoongAng Daily
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