[
THE INVESTOR] South Korean stocks hiked 0.73 percent on Oct. 24, as investors purchased Samsung affiliates’ shares based on its plans to change its governance structure. The Korean won fell against the US greenback.
The benchmark KOSPI advanced 14.74 points to close at 2,047.74. Trade volume was moderate at 248 million shares worth 3.44 trillion won (US$3.04 billion), with losers outnumbering gainers 429 to 386.
South Korean stocks opened higher on gains in market heavyweights such as Samsung Electronics, but a further rise was limited due to retail investors’ sell-offs.
Top market cap Samsung Electronics rose 1.2 percent to end at 1,608,000 won, and its affiliate Samsung C&T jumped 4.36 percent to end at 167,500 won on hopes of its role in the group’s corporate governance structure.
Samsung Life Insurance, the country’s top life insurer, gained 2.79 percent to finish at 110,500 won.
Auto shares remained in positive terrain with industry leader Hyundai Motor rising 0.75 percent to end at 134,500 won and its smaller affiliate Kia Motors climbing 0.73 percent to 41,350 won.
In contrast, state-run Korea Electric Power Corp. dropped 3.04 percent to end at 51,100 won, and SK hynix, a major chipmaker, fell 1.95 percent to 40,150 won.
Hanjin Shipping, the country’s top shipper, sank 11.84 percent to end at 1,005 won on news that it is working to wind down its European operations amid slackened demand and rising losses.
The local currency closed at 1,131.00 won against the US dollar, up 3.9 won from the previous session’s close.
Bond prices, which move inversely to yields, closed mixed. The yield on three-year Treasurys rose 0.4 basis point to 1.385 percent and the return on the benchmark five-year government bond declined 0.6 basis point to 1.437 percent.
(
theinvestor@heraldcorp.com)
