Kospi drops ahead of China's economic policy announcement

Home > Business > Finance

print dictionary print

Kospi drops ahead of China's economic policy announcement

Screens in Hana Bank's trading room in central Seoul show the Kospi closing at 2,649.40 points on Tuesday, down 0.93 percent, or 24.87 points, from the previous trading session. [YONHAP]

Screens in Hana Bank's trading room in central Seoul show the Kospi closing at 2,649.40 points on Tuesday, down 0.93 percent, or 24.87 points, from the previous trading session. [YONHAP]

Stocks closed lower Tuesday as investors sought profit while awaiting China's upcoming announcement on economic policy. The local currency fell against the U.S. dollar.
 
The Kospi lost 24.87 points, or 0.93 percent, to 2,649.4.
 
Trade volume was moderate at 447 million shares worth 11.9 trillion won ($8.93 billion), with losers outpacing gainers 606 to 282.
 
Foreigners scooped up 85.6 billion won, extending their buying streak to eight consecutive sessions. Institutions, on the other hand, offloaded 546.1 billion won, while individuals bought a net 398.5 billion won.
 
Investors took a breather after Wall Street finished lower overnight on profit-taking, while keeping a watchful eye on China's economic policies from Beijing's national committee meeting.
 
"The attention is focused on whether (the meeting) comes up with economic stimulus measures that meet investors' expectations," said Kim Dae-wook, a researcher at Hana Securities.
 
Samsung Electronics fell 1.6 percent to 73,700 won, and SK hynix lost 0.42 percent to 165,800 won.
 
Kumyang shot up a whopping 24.8 percent to 125,300 won after the company announced the development of a new battery.
 
Following Tesla's plunge on Wall Street overnight, however, LG Life Solutions fell 2.76 percent to 387,500 won, and Samsung SDI decreased 2.14 percent to 366,500 won.
 
Hyundai Motors fell 2.54 percent to 249,000 won and Kia decreased 2.07 percent to 123,000 won. Hyundai Mobis, on the other hand, gained 0.4 percent to 253,000 won.
 
For pharmaceutical shares, Samsung Biologics gained 0.78 percent to 780,000 won while Celltrion moved down 0.17 percent to 175,800 won.
 
LG Energy Solution fell 2.76 percent to 387,500 won and Posco Future M lost 5.23 percent to 317,000 won.
 
LG Chem lost 2.06 percent to 452,500 won, while SK Innovation gained 0.34 percent to 117,400 won.
 
The local currency ended at 1,334.5 won against the greenback, up 3.2 won from the previous session's close.
 
The Kosdaq lost 6.60 points, or 0.76 percent, to close at 866.37.
 
Bond prices, which move inversely to yields, closed mixed. The yield on three-year government bonds fell 1.4 basis points to 3.346 percent, and the return on the benchmark 10-year government bonds gained 1.8 basis points to 4.212 percent.

BY KIM JI-YE, YONHAP [[email protected]]
Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
s
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)