Market cap of biggest chaebol falls 8.6 percent

Korea’s four largest business groups saw their market capitalization fall 8.6 percent this year amid a slumping stock market, data from Sunday showed.

The combined market value of 57 listed affiliates of the Samsung, LG, Hyundai Motor and SK groups came to 732.35 trillion won ($651.3 billion) as of Friday, down 68.91 trillion won from 801.26 trillion won at the end of last year, according to data from the Korea Exchange.

The total market cap of all listed companies was down 6.73 percent to 1,766.09 trillion won, compared to 1,893.47 trillion at the end of 2017.

The combined market cap of 16 listed subsidiaries of Samsung came to 434.09 trillion won, down 41.04 trillion won, or 8.64 percent from the end of last year.

Its flagship business, Samsung Electronics, lost 46 trillion won alone. The tech giant said its second-quarter net profit edged down 0.09 percent on-year amid weak performance in the smartphone business.

The combined market cap of SK Group fell 3.73 percent to 122.19 trillion won, and LG was also down 13.67 percent to 89.25 trillion won, according to the data. Hyundai Motor Group declined 9.4 percent to 86.82 trillion won.

The benchmark Korea Composite Stock Price Index closed at 2,247.05 on Friday, compared with 2,479.65 on Jan. 2.

Yonhap