Seoul shares end lower on slumping oil prices

[THE INVESTOR] South Korean stocks declined slightly on Sept. 28 on tumbling oil prices. The Korean won slid down against the US greenback.

The benchmark KOSPI declined 9.76 points, or 0.47 percent, to close at 2,053.06. Trade volume was moderate at 539 million shares worth 3.94 trillion won (US$3.59 billion), with losers outnumbering gainers 457 to 327. 

After starting lower, the KOSPI swung between gains and losses.

Samsung Electronics fell 0.13 percent to end at 1,567,000 won, and SK hynix, a global chipmaker, edged up 0.12 percent to 41,200 won.

Naver, the operator of the country’s top internet portal, gained 0.34 percent to 887,000 won.

Automakers traded in negative terrain, with industry leader Hyundai Motor down 2.12 percent to 138,500 won, and its smaller affiliate Kia Motors dipping 2.94 percent to 42,900 won.

The local currency closed at 1,096.80 won against the US dollar, down 0.3 won from the previous session’s close.

Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasury fell 0.1 basis point to 1.304 percent and the return on the benchmark five-year government bond declined 0.7 basis point to 1.335 percent.


(theinvestor@heraldcorp.com)