Kospi slide continues for fourth session
Korean shares backed off for the fourth consecutive day and finished below 1,970 yesterday. The benchmark Kospi dropped 0.12 percent, or 2.4 points, to close at 1,969.26.Foreign investors were net sellers of more than 100 billion won ($96.7 million) in shares against the backdrop of the possibility of additional sanctions against Russia and the Fed’s Federal Open Market Committee starting today.
Retail investors bought 51.4 billion won in shares and institutional investors 75.2 billion won. Trading volume was about 165 million shares at a value of about 2.8 trillion won.
Ten of 15 large-cap stocks lost ground. Samsung Electronics fell 0.79 percent to 1.4 million won, while LG Electronics rose 0.15 percent to 69,000 won. SK Hynix dropped 0.61 percent to 40,500 won.
Hyundai Motor Company rolled back 1.06 percent to 233,500 won, but Kia Motors gained 0.52 percent to 57,600 won. Hyundai Mobis moved down 0.17 percent to 301,500 won.
Posco gained 0.17 percent to 292,500 won, and Hyundai Steel increased 2.26 percent to 68,000 won.
Hyundai Heavy Industries fell 0.5 percent to 200,500 won, while Samsung Heavy Industries built up 0.7 percent to 28,700 won.
Naver lost 1.87 percent to close at 734,000 won, but Daum increased 2.49 percent to 74,100 won.
SK Telecom fell 0.73 percent to 203,000 won, KT gained 1.72 percent to 32,600 won and LG U+ inched up 1 percent to 10,150 won.
The won gained the most in more than two weeks on bets that Korean exporters are repatriating overseas earnings as the end of the month approaches.
“A lot of exporters were seen selling dollars as it’s near the end of the month, and we also have public holidays coming soon,” said Han Sung-min, a currency trader at Busan Bank.
The won strengthened 0.6 percent to 1,035.25 per dollar, the biggest gain since April 9. The currency appreciated 2.8 percent this month, the most among 11 Asian currencies.
BY KIM HAE-YOON, BLOOMBERG [haeyoonk1311@joongang.co.kr]
with the Korea JoongAng Daily
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