U.S. healthcare bill affects Kospi shares

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U.S. healthcare bill affects Kospi shares

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Seoul’s main bourse fell on Monday as institutional investors offloaded large-cap shares.

Analysts said investor sentiment was sapped by political uncertainties in the United States, after the House of Representatives last week pulled the plug on the healthcare legislation spearheaded by the new president due to lack of votes.

“If U.S. stock markets are further weighed by doubts on Trump agendas, the Korean market could also see foreign net purchase weaken,” Kim Young-hwan, an analyst at Shinhan Investment said.

The sudden strengthening of the Korean won against the dollar - a threat to exporting companies in Korea - also was a factor.

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The Kospi closed at 2,155.66, down 13.29 points, or 0.61 percent compared to the previous trading day.

Institutional investors net sold 106 billion won ($95.5 million) in shares. Foreign and retail investors each purchased 36.3 billion won and 18.5 billion won.

Market bellwether Samsung Electronics fell for four straight sessions, closing down 0.72 percent to 2,060,000 won on Monday. Affiliate Samsung C&T fell 1.57 percent to 125,500 won. Samsung Biologics also dropped 2.93 percent to 182,000 won. Posco slumped 3.05 percent to 270,000 won - its lowest closing price since early February. Rival Hyundai Steel’s shares slumped 2.68 percent to 58,000 won.

SK Hynix and Naver were among the few top companies by market capitalization to gain Monday. The chipmaker rose 2.42 percent to 50,700 won thanks to rosy profit outlooks and the portal giant 1.49 percent higher to 885,000 won. Hankook Tire added 2.17 percent to 56,600 won and Lotte Shopping added 0.92 percent to 218,500 won.

The secondary Kosdaq closed almost flat at 607.07, down 1.11 points or 0.18 percent.

Celltrion advanced 1.34 percent to 91,000 won while Medytox slipped 0.29 percent to 416,900 won. Kakao lost 1.43 percent to 82,900 won and CJ E&M rose 0.47 percent to 85,100 won.

The Korean won strengthened 0.9 percent to 1,112.8 versus the dollar.

Three-year and 10-year government bond yields fell three basis points each to 1.65 percent and 2.15 percent.


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