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U.S. declines take whack out of Korean shares

Nov 14,2018
Korean shares ended in negative territory Tuesday as declines in U.S. stock markets overnight weighed on the main index. The Korean won appreciated against the U.S. dollar.

The main Kospi closed the session 9.21 points, or 0.44 percent, down at 2,071.23. The index opened sharply lower, reaching as low as 2,032.05 before climbing later in the afternoon.

Trading volume was moderate at 376.81 million shares worth 5.62 trillion won ($4.96 billion).

“U.S. stocks closed lower led by drops in Apple and related shares ... which were negative factors for the local stock market,” said Seo Sang-young, an analyst at Kiwoom Securities.

Foreign investors turned to net sellers after three consecutive sessions of buying, dumping a net 301.0 billion won worth of shares. Retail investors bought a net 24.9 billion won, and institutions scooped up a net 273.2 billion won worth of shares to moderate losses.

Large-cap tech shares ended the session lower, following drops in U.S. tech shares after an Apple supplier cut its forecasts, hinting at weak iPhone demand.

Market bellwether Samsung Electronics fell 1.55 percent to 44,500 won, and No.2 chipmaker SK Hynix dropped 3.49 percent to 71,900 won.

LG Electronics also closed the session down, declining 1.40 percent to 70,200 won, and electronic-parts supplier Samsung Electro-Mechanics fell 2.61 percent to 112,000 won.

Leading steelmaker Posco retreated 0.39 percent to 257,000 won.

Pharmaceutical shares ended mixed, as Celltrion extended losses by falling 0.74 percent to 200,500 won. Samsung’s biopharmaceutical unit Samsung BioLogics soared 9.81 percent to end the session at 313,500 won. The company is expected to face a final decision by the Financial Services Commission on Wednesday as to whether it violated accounting rules.

Meanwhile, carmakers closed higher, with Hyundai Motor adding 0.49 percent to 102,500 won, and its sister company Kia Motors inching 0.18 percent up to 28,300 won.

The secondary Kosdaq edged 0.03 points higher to 670.85. Although the tech and bio-heavy index started the session lower, it climbed to positive territory supported by retail investor buying. Institutions have been net sellers in the junior index for 10 consecutive sessions.

The Korean won closed at 1,133.30 down 0.60 won against the greenback.

Bond prices ended mixed. The yield on three-year bonds fell 0.5 basis points to 1.94 percent. The return on 10-year bonds rose 0.1 basis points to 2.21 percent.


BY CHAE YUN-HWAN, YONHAP [chae.yunhwan@joongang.co.kr]


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