S. Korean stock rich suffers asset decline

South Korea's stock-rich tycoons were hit by a loss in their assets as the country's stock market fell to a two-year low last week amid continued jitters from China's currency devaluation, data showed Sunday.

The combined securities assets of the country's 22 richest shareholders came to 64.64 trillion won ($54.14 billion) after the trading session closed Friday, down 7.6 percent from the 69.89 trillion won tallied a week earlier, on Aug. 13, according to the data compiled by market tracker Chaebul.com. The benchmark Korea Composite Stock Price Index plunged 5.5 percent in the one-week period as well, closing at 1,876.07 on Friday, the lowest point in two years.

The main index had been in negative terrain due largely to the lingering effects from the yuan devaluation in the previous week.

Also, the Thursday release of the U.S. Fed's July minutes, which said the world's No. 1 economy is not showing clear enough signs of a recovery for it to start raising the interest rate, triggered fears among foreign investors.

Suh Kyung-bae, head of South Korea's cosmetics giant AmorePacific Inc., was the biggest loser over the cited period, with the value of his shares withdrawing 12.1 percent to 9.54 trillion won, the data showed. 

The chairman of the world's No. 5 auto group Hyundai Motor Group, Chung Mong-koo, was also affected by the stock plunge, as the value of his shares decreased 2 percent to 85.6 billion won.

The de facto owner of the country's largest conglomerate Samsung Group, Lee Kun-hee, saw his shares cut back 2 percent in value to 10.41 trillion won. His son and heir apparent Jae-yong's stock value also surrendered 6.6 percent, according to the data. (Yonhap)