Stocks decline as U.S.-China deal hope dims

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Stocks decline as U.S.-China deal hope dims

Stocks dropped nearly 1 percent on Wednesday as concerns over a U.S.-China trade deal increased after U.S. President Donald Trump did not provide concrete information on ongoing trade talks with China. The won fell sharply against dollar.

The benchmark Korea Composite Stock Price Index was down 18.47 points, or 0.86 percent, to 2,122.45. Trading volume was moderate at 656 million shares worth 5.3 trillion won ($4.6 billion), with losers far outnumbering winners 550 to 282.


On Tuesday, Trump did not offer any detail on the trade negotiations between the world’s two largest economies, leaving investors disappointed.

“One of the factors in the Kospi’s rise yesterday was investors’ expectations of Trump’s comments. However, he did not provide any concrete information, which apparently pulled down the local stock market,” Suh Sang-young, an analyst at Kiwoom Securities, said. Foreign and institutional investors offloaded a net 27.1 billion won and 242.2 billion won, respectively, while individuals scooped up a net 228.2 billion won.

Most large-cap shares were weak.

Samsung Electronics lost 0.19 percent to close at 52,500 won, and Hyundai Motor was down 0.8 percent to reach 124,500 won.

Samsung BioLogics decreased 2.14 percent to end at 389,500 won and Celltrion lost 2.43 percent to 181,000 won.

SK Hynix, the memory chip maker, finished 0.24 percent higher at 83,400 won.

Shinsegae, a major retailer, added 2.12 percent to 265,000 won, and its Shinsegae International apparel arm added 1.2 percent to 210,500 won on market-beating third-quarter earnings. Shinsegae said that its third-quarter net profit surged 37 percent from a year earlier on the back of stellar performances at its department store and duty-free units.

Auto shares traded in negative terrain. Hyundai Motor lost 0.80 percent to reach 124,500 won, but Kia Motors edged down 2.06 percent to 42,800 won. Posco shed 0.90 percent to 221,000 won, and Korean Air Lines dropped 0.95 percent to 26,200 won.

Naver lost 2.47 percent to close at 158,000 won.

The secondary Kosdaq dropped 3.29 points, or 0.49 percent, to close at 661.85 won.

The won closed at 1,167.8 won against the dollar, up 7 won from Tuesday’s close.

Bond prices, which move inversely to yields, rose. The yield on three-year bonds fell 5.8 basis points to 1.510 percent, and the yield on 10-year bonds shed 1.2 basis points to 1.92 percent.

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