Hesitant investors part of fall in Kospi
The benchmark Kospi dropped 4.23 points or 0.21 percent to close at 2,015.40. Investors sold a whopping 255.9 billion won ($222.6 million) while foreign and retail investors bought.
Blue chips were mixed.
The nation’s largest company by market capitalization Samsung Electronics inched up 0.31 percent to 1,300,000 won and Korea Electric Power Corporation, the second biggest, closed at 62,300 won, a 1.47 percent increase from the previous trading day after shares peaked during the day at 63,600 won. The boost was largely due to positive outlooks for its performance.
Automotive shares led by the nation’s top automaker Hyundai Motor were mostly weak after its first quarter performance posted slower year-on-year growth. Hyundai Motor fell 2.93 percent to 149,000 won, its little brother Kia Motors shrank 1.61 percent and auto parts affiliate Hyundai Mobis dropped 1.37 percent.
Shares of cosmetics giant AmorePacific increased 1.1 percent to 414,500 won and the nation’s top portal service provider Naver advanced 1.68 percent to 665,000 won.
Most sectors declined. Medicine and medical supplies fell 2.5 percent, securities dropped 1.2 percent and retail declined 1.1 percent.
The secondary Kosdaq closed at 699.52, down 2.54 points or 0.36 percent.
Korea’s won ended a three-day decline as a retreating dollar and higher oil prices boosted demand for emerging-market assets. The currency led gains in Asia as global funds bought local shares for the 11th day and a report showed consumer confidence in Korea climbed for a second month in April.
The currency appreciated 0.2 percent to close at 1,148.29 per dollar in Seoul, after gaining as much as 0.7 percent earlier, data compiled by Bloomberg showed. The won has strengthened 1.8 percent in the past month, the best performance in Asia after the Malaysian ringgit’s 3.1 percent gain.
BY KIM JEE-HEE [kim.jeehee@joongang.co.kr]
with the Korea JoongAng Daily
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