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THE INVESTOR] South Korean stocks ended lower on Oct. 26, amid a drop in global oil prices. The Korean won rose against the US dollar.
The benchmark KOSPI fell 23.28 points to close at 2,013.89. Trade volume was moderate at 388 million shares worth 4.56 trillion won (US$4.02 billion), with losers outnumbering gainers 643 to 194.
An overnight fall in global oil prices weighed down the local stock market.
Samsung Group affiliates and financials led the overall market decline, while some tech stocks and cosmetics makers helped limit a further decline.
Top market cap Samsung Electronics shed 1.88 percent to end at 1,567,000 won, and No. 2 market cap Korea Electric Power Corp. fell 0.36 percent to end at 50,800 won.
Financial stocks also retreated with KB Financial falling 2.16 percent to end at 42,950 won and Shinhan Financial losing 1.81 percent to finish at 43,350 won.
Cosmetics makers rebounded from their sharp falls in the previous session. On Oct. 25, they were hit hard by news that Chinese authorities are ordering travel agencies to limit travel packages to South Korea, which is feared to have negative impacts on Korean beauty product makers, such as AmorePacific.
AmorePacific, the country’s top cosmetics maker, rose 3.3 percent to end at 357,000 won, and LG Household & Healthcare, the No. 2 player, remained flat at 846,000 won.
SK hynix, a major chipmaker, jumped 4.51 percent to end at 42,900 won after it reported market forecast-beating third-quarter earnings, aided by higher chip prices.
Auto shares remained in negative terrain with industry leader Hyundai Motor declining 0.36 percent to 137,500 won and its smaller affiliate Kia Motors losing 0.48 percent to 41,450 won.
The local currency closed at 1,134 won against the US dollar, down 0.50 won from the previous session’s close.
(
theinvestor@heraldcorp.com)
