Most listed companies affiliated with South Korea’s top 10 conglomerates have suffered losses on the Seoul bourse this year due to the global economic slowdown and the strengthening of the South Korean won, with listed subsidiaries of CJ and SK being the lone gainers, data showed Wednesday.
The data was compiled by Daeshin Securities, based on its tallies of the companies’ market capitalization between the end of last year and Tuesday.
Manufacturers in the shipbuilding, chemical and refinery sectors were hit hard this year due to weak global demand and tougher competition with Chinese rivals, while companies more reliant on domestic consumption fared better in the stock market than export-oriented companies.
The combined market value of companies affiliated with CJ Group jumped 21.49 percent as of Monday compared to the beginning of this year, becoming the biggest gainer among the top 10 business groups, CJ Korea Express, a logistics unit of CJ, soared 98.5 percent. Shares of CJ CheilJedang, CJ’s food and beverage unit, also jumped more than 20 percent on hopes of economic recovery after the government announced a series of stimulus measures.
Units of SK Group, the nation’s second-largest conglomerate, came in second with a 13.05 percent surge in their combined market value on the Seoul bourse during the period.
SK Telecom, the nation’s largest mobile carrier, showed a double-digit rise in its stock price. SK hynix, the world’s second-largest chipmaker, had a strong year on a brisk industry outlook, soaring 32.87 percent. (Yonhap)