South Korean stocks fell 0.62 percent Tuesday due to the weaker-than-expected Chinese economic data, analysts said. The local currency fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index shed 12.02 points to close at 1,920.68. Trading volume was low at 258.2 million shares worth 4.37 trillion won ($3.86 billion) with losers outpacing gainers 445 to 378.
“Chemical firms and oil refiners traded lower as China’s economic data failed to meet the market expectation,” said Bae Sung-young, a researcher at Hyundai Securities Co.
China’s consumer prices grew 2.1 percent in May from a year earlier, down 0.4 percentage point from the market estimate of 2.5 percent.
The country’s producer price index, a measure of inflation at the wholesale level, fell 2.9 percent on-year in May, marking the 15th straight month of decline, indicating weaker business sentiment in China.
“The main bourse also remained stagnant as foreigners offloaded shares of Samsung Electronics,” Bae added.
Samsung Electronics saw its shares drop 6.18 percent on Friday to 1,427,000 won, the lowest since Feb. 6. The world’s top smartphone maker moved down 2.53 percent to 1,389,000 won Tuesday. (Yonhap News)
