Weakening China demand drags market

Home > >

print dictionary print

Weakening China demand drags market

Concerns related to weakening consumer demand in China, nation’s biggest export market, have turned foreigners to unload shares Wednesday after their five days of purchasing until Tuesday. The Korean main bourse dropped 9.50 points or 0.47 percent to close at 2,009.55. While retail and institutional investors net bought 53.5 million won ($46.7 million) and 23 million won worth of shares respectively, foreign investors net sold 99.2 million won pulling down the index.

Samsung Electronics, No.1 by market capitalization, inched up 0.16 percent to 1,254,000 won and its competitor LG Electronics nudged up 0.11 percent to 46,150 won. Samsung C&T lost 1.25 percent to 158,000 won, Samsung SDS fell 2.35 percent to 290,500 won and Samsung SDI plummeted 4.50 percent to 106,000 won.

Most automakers rose while Hyundai Motor, the nation’s giant automotive company, dipped 0.31 percent to 163,000 won. Its sister company Kia Motors advanced 1.50 percent to 54,200 won and auto parts affiliate Hyundai Mobis added 0.85 percent to 237,000 won. Logistics company Hyundai Glovis rose 2.42 percent to 5,500 won.

From other large-cap shares, Korea Electric Power Corporation (Kepco) and its subsidiary Kepco KPS gained 3.42 percent and 1.77 percent respectively to 49,950 won and 115,000 won due to positive outlooks expected for the third quarter. Chipmaker SK Hynix advanced 1.11 percent to 36,400 and nation’s leading cosmetics company AmorePacific added 1.12 percent to 362,500 won.

Lotte Chemical lost 2.64 percent to 258,000 won and Lotte Shopping dropped 3.73 percent to 258,000 won while Lotte Group’s power struggle between brothers resurfaced.

By industry, most sectors lost including constructions, securities, chemicals and food and beverages. Still, textiles and garments and transport equipments nudged up.

Tech-heavy Kosdaq lost for the sixth day by 3.90 points or 0.58 percent to close at 668.92. Broadcasting services and entertainment shares proved weak. CJ E&M plunged 5.13 percent to 81,300 won and YG Entertainment fell 1.64 percent to 48,000 won.

The 10-year yield closed little changed at 2.14 percent in Seoul, after falling as low as 2.10 percent, Korea Exchange prices showed. The yield on notes maturing in June 2018 rose two basis points to 1.66 percent.

The won rose 0.2 percent to 1,147.05 a dollar, data compiled by Bloomberg showed. The currency has weakened 4.9 percent this year.


BY KIM JEE-HEE, BLOOMBERG [kim.jeehee@joongang.co.kr]
Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
s
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)