Stocks lose ground amid interest hike
The benchmark Kospi slid 10.99 points, or 0.46 percent, on Thursday to close at 2,361.65.
“The FOMC result was largely expected, but other factors, such as reducing securities holdings and falling oil prices that hit a seven-month low, have affected the local stock market,” said Lee Kyung-min, an analyst at Daeshin Investment & Securities.
Foreign investors and retail investors scooped up local shares worth 9.7 billion won ($8.6 million) and 258.2 billion won. Institutions, on the other hand, offloaded 304.1 billion won in local shares.
Market bellwether Samsung Electronics inched up 0.71 percent to 2,284,000 won on Thursday. Chipmaker SK Hynix rose 2.19 percent to 60,600 won and portal giant Naver nudged up 0.23 percent to 885,000 won. State-run energy company Korea Electric Power Corporation added 0.82 percent to 43,200 won. LG Electronics and LG Display went up 1.63 percent to 87,300 won and 2.42 percent to 38,150 won.
Hyundai Motor dropped 3.55 percent to 163,000 won. Its sister company Kia Motors shrank 2 percent to 39,300 won. Affiliate auto parts maker Hyundai Mobis slipped 0.56 percent to 264,500 won.
Posco fell 2.68 percent to 272,000 won. LG Chem edged down 1.60 percent to 276,500 won. Samsung SDS fell for the second straight trading day, down 1.21 percent compared to the previous session to 163,000 won.
The secondary Kosdaq snapped its two-day rally and fell 1.77 points, or 0.26 percent, to 669.82.
Pharmaceutical company Celltrion shed 0.19 percent to 102,600 won. Kakao dropped 0.85 percent to 105,500 won.
The local currency closed at 1,124.1 won against the U.S. dollar, down 0.2 won from the previous session’s close.
While the yield on three-year government bond remained fixed at 1.68 percent, the return on 10-year bond retreated five basis points to 2.12 percent.
BY CHOI HYUNG-JO, YONHAP [choi.hyungjo@joongang.co.kr]
with the Korea JoongAng Daily
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