Like rest of the world, market plunges

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Like rest of the world, market plunges

Korean stocks dropped 1.56 percent yesterday on concerns about conditions in emerging markets due to the tapering of quantitative easing by the U.S. Federal Reserve and weaker-than-expected industrial data from China, analysts said.

The Kospi shed 30.22 points to finish at 1,910.34, its lowest close since Aug. 29.

Samsung Electronics lost 1.15 percent to 1.292 million won ($1,193), while LG Electronics, which announced solid fourth-quarter earnings yesterday, dipped 1.29 percent to 68,900 won.

LG Innotek, an electronic parts maker under LG Group, dropped 3.26 percent to 86,000 won despite solid earnings last year. The company said in a regulatory filing it posted record sales of 6.21 trillion won in 2013, while operating profit jumped 76.1 percent year-on-year to 136.2 billion won.

Hyundai Motor, the nation’s largest automaker, slipped 1.97 percent to 223,500 won, but Kia Motors jumped 1.52 percent to 53,500 won.

Hyundai Mobis, the nation’s largest auto parts maker, gained 0.51 percent to 294,000 won. The affiliate of Hyundai Motor Group yesterday said its operating profit jumped 0.6 percent year-on-year to 2.92 trillion won last year, while sales increased 11.1 percent to 34.19 trillion won. However, net profit declined 4.1 percent to 3.39 trillion won.

Shipbuilders were weak. No. 1 player Hyundai Heavy Industries fell 2.39 percent to 224,500 won, while Daewoo Shipbuilding and Marine Engineering plunged 4.17 percent to 34,450 won.

Samsung Heavy Industries slipped 2.7 percent to 34,250 won. The affiliate of Samsung Group said operating profit plunged 24.2 percent year-on-year to 914.2 billion won last year, although sales increased 2.4 percent to 14.83 trillion won. Its net profit dropped 20.6 percent to 632.2 billion won.

With gloomy expectations of oil companies’ earnings, SK Innovation, holding company of nation’s largest refiner SK Energy, plunged 1.91 percent to 128,500 won.

S-Oil, the nation’s third-largest refiner, shed 1.86 percent to 68,600 won following its poor earnings. The company said it collected 31.15 trillion won in sales, down 10.3 percent from a year ago, and 399.2 billion won in operating profit, a 48.9 percent year-on-year drop, in 2013.

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