Hanwha shares decline on chairman scandal

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Hanwha shares decline on chairman scandal

Seoul’s major stock market dipped for the second session after a recent sizzle. The benchmark Kospi shed 0.28 points, or 0.02 percent, to end at 1,542.24.
Samsung Electronics, Korea’s largest listed firm by value, shed 1.0 percent to 574,000 won ($616.7).
Shares of Daewoo Engineering & Construction, Korea’s largest builder by value, jumped 3.5 percent after its second-quarter operating profit rose 7.2 percent from a year earlier and operating margin improved by more than 15 percent.
Hana Finance Group slid 1.8 percent as experts speculated growth would sputter at Korea’s fourth-largest financial service firm despite first-quarter net profit being up nearly 70 percent from a year earlier.
“Its profit margin is expected to narrow down as market competition in corporate lending intensifies and deposits are declining,” Kium Securities said in a report.
Shares of Hanwha Group subsidiaries slumped. Group chairman Kim Seung-youn may face assault and kidnapping charges for using his bodyguards to threaten and beat a group of young men who got into a bar fight with his drunken son.
Shares of Hanwha Chemical, Hanwha Non-life Insurance and Hanwha Securities were down 0.6 percent, 3.2 percent and 4.7 percent, respectively.
Trading volume was 308.5 million shares, worth 3.2 trillion won. Decliners outpaced advancers, 390 to 376.
The tech-heavy Kosdaq rebounded for the first time in five days, adding 0.36 points, or 0.05 percent, to close at 675.88.
Asiana Airlines, the smaller of Korea’s two airlines, gained 0.8 percent, and NHN, the biggest firm on the Kosdaq by market value, rose 1.5 percent.
Trading volume was 531.7 million shares, worth 1.6 trillion won. Decliners outpaced advancers, 473 to 429.

By Jung Ha-won Staff Writer [hawon@joongang.co.kr]
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