The Kospi closes lower by concerns about U.S.
Seoul’s stock market closed the day today with a decrease of 0.85 percent attributed to U.S. data, which indicate that the recovery of the world’s largest economy remains weak.
The benchmark Kospi fell 17.33 points, or 0.85 percent, to 2014.41 units in a session in which they moved 4,320 million, while the technological Kosdaq shrank 5.35 points, 1, 03 percent, to 514.21 integers.
The index values in South Korea, marking the second consecutive day today to experience lower after Tuesday’s session on a rise of more than one point, faces a period of short-term correction, according to local analysts.
Experts believe that the fall in today is primarily motivated by concerns about the U.S. economy and to a lesser extent, the euro area.
On the eve, Wall Street closed in negative after rising less than expected durable goods orders in the U.S. in February, and the Dow Jones Manufacturers, the main indicator, fell by 0, 54 percent, weighed down by the energy sector.
In the session of the Kospi, Hyundai Heavy Industries, the largest shipbuilder in the country, fell 3 percent, and its competitor Daewoo Shipbuilding & Marine Engineering fell 5.3 percent.
In the technology sector Samsung Electronics, the reference value of the Seoul stock exchange fell 1.69 percent, while LG Electronics did a 0.24 percent, LG Display 2.95 percent.
Contrary to the general negative trend today, the multinational automotive South Korea’s Hyundai Motor saw its shares grow 1.72 percent, while its subsidiary Kia Motors rose 0.27 percent.
The local currency lost 1.4 units against the dollar, which traded at 1,136.9 won at the end of the session.
Category: Investing
