Shares slip ahead of Q4 earnings reports

Home > Business > Finance

Shares slip ahead of Q4 earnings reports

Published: 22 Jan. 2024, 16:47

KIM JU-YEON
[email protected]

Screens in Hana Bank's trading room in central Seoul show the Kospi closing at 2,464.35 points on Monday, down 0.34 percent, or 8.39 points, from the previous trading session. [NEWS1]

Shares lost ground on Monday as investors sat on the sidelines ahead of the release of fourth-quarter earnings reports. The won slightly edged up in value against the dollar.

The Kospi fell 8.39 points, or 0.34 percent, to 2,464.35.

Trading volume was low at 376 million shares worth 8.25 trillion won ($6.1 billion), with losers outpacing gainers 575 to 295.

Foreigners bought shares worth 295.3 billion won, while retail investors offloaded a net 244 billion won. Institutions shed a net 40 billion won.

Analysts said Seoul shares closed bearish as investors took a wait-and-see stance ahead of the release of earnings reports.

Samsung Electronics is expected to announce its earnings report on Jan. 31, with SK hynix also set to release its fourth-quarter performance on Thursday.

"The local stock market, which suffered excessive setbacks compared to other major bourses, is still maintaining its resilience," said Han Ji-young, an analyst from Kiwoom Securities.

Samsung Electronics moved up 0.54 percent to 75,100 won and SK hynix added 0.92 percent to 142,600 won.

In tech, Naver gained 0.70 percent to 217,000 won while Kakao fell 2.08 percent to 56,400 won.

Battery makers, however, lost ground, with LG Energy Solution falling 3 percent to 372,000 won and Samsung SDI losing 4.28 percent to 358,000 won.

Pharmaceutical firms closed bullish, with Samsung Biologics rising 2.99 percent to 793,000 won and Celltrion climbing 4.32 percent to 183,600 won.

Chemical companies closed lower, with LG Chem sliding 4.33 percent to 387,000 won and SK Innovation decreasing 4.67 percent to 108,300 won. S-Oil lost 1.8 percent to 65,300 won.

Automakers also closed lower, with Hyundai Motor dropping 0.88 percent to 180,100 won and Kia falling 0.46 percent to 87,200 won.

EcoPro plummeted 7.37 percent to 515,000 won.

The local currency ended at 1,338.9 won against the dollar, down 0.1 won from the previous session's close.

Bond prices, which move inversely to yields, closed higher. The yield on three-year government bonds fell 3.5 points to 3.273 percent, and the return on the benchmark U.S. 10-year government bonds dropped 1.5 points to 4.129 percent.

BY KIM JU-YEON, YONHAP [[email protected]]