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Seoul shares down 0.13% on tech, auto losses

By KH디지털2
Published : May 12, 2016 - 16:10

Korean stocks closed down 0.13 percent on Thursday, dragged down by losses in tech and auto shares, analysts said. The local currency rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 2.61 points to end at 1,977.49. Trade volume totaled 445.99 million shares worth 4.04 trillion won ($3.47 billion), with gainers outpacing decliners 422 to 362. 



The market started lower in tandem with overnight losses on Wall Street and moved in and out of positive terrain before the market closed. On Wednesday, the Dow Jones industrial average closed down 1.21 percent on lackluster corporate earnings.

"Investors sentiment seemed to have been hurt by the setback in U.S. markets. The overall mood also remained subdued amid lingering concerns over the global economic conditions," said Kim Hyung-ryol, an analyst at Kyobo Securities.

Ahead of the central bank's rate-setting meeting scheduled for Friday, some analysts said that investors might have taken a wait-and-see approach, making it hard for the index to rebound.

Major issues ended mixed, but tech and auto issues were among sharp decliners.

Market bellwether Samsung Electronics fell 0.85 percent to 1,281,000 won, while top automaker Hyundai Motor lost 1.8 percent to 136,500 won. Auto parts maker Hyundai Mobis shed 1.34 percent to 258,500 won.

Internet portal operator Naver was off 2.45 percent to 676,000 won.

Cosmetics makers, meanwhile, gained ground, with AmorePacific rising 1.19 percent to 425,500 won and smaller rival LG Household & Health Care advancing 1.65 percent to 1,045,000 won.

The country's No. 3 refiner S-Oil also rose 1.06 percent to 86,200 won.

Korea's won closed at 1,162.6 won against the greenback, up 5 won from the previous session.

Bond prices, which move inversely to yields, closed down. The yield on three-year Treasury rose 0.5 basis point to 1.422 percent, and the return on the benchmark five-year government bond also climbed 0.2 basis point to 1.522 percent. (Yonhap)


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