Stocks decline on Hyundai-Apple car deal debacle

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Stocks decline on Hyundai-Apple car deal debacle

Published: 08 Feb. 2021, 17:41

A screen at Hana Bank's trading room in central Seoul shows the Kospi closing at 3,091.24 points on Monday, down 29.39 points, or 0.94 percent from the previous trading day. [YONHAP]

Stocks slumped below the 3,100 mark Monday despite spreading optimism for an economic rebound, largely on losses by Hyundai Motor and Kia as the two automakers said they are not in talks with Apple over an electric vehicle project. The won rose against the dollar.

The benchmark Kospi fell 29.39 points, or 0.94 percent, to close at 3,091.24 points.

Trading volume was high at about 1.3 billion shares worth some 19.1 trillion won ($17.1 billion), with losers outnumbering gainers 458 to 390.

Foreigners sold a net 352 billion won, while retail investors purchased a net 86 billion won. Institutions bought a net 275 billion won.

Battery and chemical heavyweights also fared weak.

"Had it not been for the Hyundai [and Apple] related issue, the Kospi could have seen gains," said Shinhan Financial Investment analyst Choi Yoo-joon.

Hyundai Motor tumbled 6.21 percent to 234,000 won. Kia plunged 14.98 percent to 86,300 won, and Hyundai Mobis plummeted 8.65 percent to 322,000 won.

Samsung Electronics lost 0.6 percent to 83,000 won, and chipmaker SK hynix shed 1.96 percent to 125,000 won.

Chemical firm LG Chem retreated 3.7 percent to 990,000 won, while rechargeable battery maker Samsung SDI moved down 0.65 percent to 770,000 won.

Samsung Biologics went down 0.99 percent to 804,000 won, and Celltrion fell 1.61 percent to 336,000 won.

Internet portal operator Naver declined 1.38 percent to 357,500 won, but its rival Kakao gained 0.44 percent to 457,000 won.

Online game maker NCSoft gained 6.35 percent to 1,038,000 won, while its rival Netmarble lost 0.72 percent to 137,500 won.

Steelmaker Posco added 2.09 percent to 268,500 won. Cosmetics giant Amorepacific fell 0.66 percent to close at 225,500 won.

The Kosdaq fell 6.64 points, or 0.69 percent to close at 960.78.

The local currency closed at 1,119.6 won against the dollar, down 4.1 won from the previous session's close.

Bond prices, which move inversely to yields, closed lower. The yield on the three-year bond added 1.8 basis points to close at 1.001 percent, and the yield on the 10-year bond gained 2 basis points to close at 1.16 percent.

BY CHEA SARAH, YONHAP [chea.sarah@joongang.co.kr]