Shares climb upward, but later end flat
Korean shares started above the 2,045 level yesterday, but plunged throughout the day. The benchmark Kospi fell 0.08 percent, down 1.53 points, to close at 2,034.11.
Samsung Electronics rebounded from its three-day decline, adding 0.52 percent to 1.16 million won ($1,108). Rival LG Electronics, which reportedly advertised its kimchi refrigerator on Wednesday local time in New York’s Times Square, rallied 2.08 percent to 68,700 won.
Automobile shares were mixed. Hyundai Motor edged down 1.3 percent to 189,500 won, while its smaller affiliate Kia Motors climbed 0.56 percent to 53,400 won.
Large-cap shares were also mixed. The nation’s largest chemical company by market capitalization, LG Chem, stayed flat at 272,500 won. Memory chipmaker SK Hynix advanced 0.9 percent to 44,600 won. Steelmaker Posco, on the other hand, plunged 2.36 percent to 330,500 won.
Mobile carrier shares declined across the board. The nation’s largest, SK Telecom, fell 1.68 percent to 292,500 won. KT plunged to 34,600 won, down 3.08 percent. LG U+ dropped 2.39 percent to 12,250 won.
Three companies will be directly affected by the Mobile Device Distribution Improvement Act, which will go into effect in October. However, it was announced on Wednesday that the much debated sub-law of the act, requiring mobile carriers to separately announce their subsidies, has been excluded.
Yesterday was also a blue day for NHN Entertainment, the nation’s major games company. The online game provider’s shares plummeted 9.43 percent to 75,900 won, with the Game Rating and Administration Committee’s decision pending.
Yesterday, the committee discussed whether to retract its classification of HanGame Poker for breaching the regulatory bidding amount in online games. Without the classification, NHN won’t be allowed to continue hosting online poker in Korea.
The won weakened 1,042.6 to the dollar, according to Korea Exchange Bank. The government’s three-year yield fell 0.01 percentage point to 2.33 percent, marking the lowest level this year, according to the Korea Financial Investment Association. The 10-year yield also dropped to 2.95 percent, down 0.02 percentage point.
BY KIM EUN-JI [firstname.lastname@example.org]