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[THE INVESTOR] South Korean stocks dropped more than 1 percent on Sept. 9, as investors were spooked by North Korea’s nuclear test, analysts said. The Korean won fell against the US dollar.
The benchmark KOSPI shed 25.86 points, or 1.25 percent, to close at 2,037.87. Trade volume was moderate at 387 million shares worth 4.16 trillion won (US$3.79 billion), with losers outnumbering gainers 591 to 218.
South Korean stocks opened weak on overnight falls on Wall Street but extended losses following news that North Korea has conducted its fifth nuclear test in defiance of international pressure to stop its nuclear program.
The index hit as low as 2,029.46 at one point but pared earlier losses in the afternoon.
“Overnight falls in the US stock market, coupled with North Korea’s nuclear test, sapped investor sentiment here,” said Lee Sang-hwa, an analyst at Hyundai Securities. “Also, Samsung Electronics’ slump weighed down the overall market sentiment.”
Analysts said the North’s nuke test may have a limited impact on the local stock market as proven by past nuclear tests. It, however, may roil the market for a short period of time.
As widely expected, the Bank of Korea, the country’s central bank, froze its policy rate at a record low of 1.25 percent
Top market cap Samsung Electronics sank 3.9 percent to end at 1,575,000 won as foreign investors dumped shares to lock in recent gains.
Naver shed 2.53 percent to 847,000 won, and SK hynix, a major chipmaker, advanced 0.65 percent to 38,950 won.
Hyundai Motor rose 0.36 percent to 139,500 won, while AmorePacific fell 2.26 percent to 390,000 won. POSCO remained flat at 231,500 won.
The local currency closed at 1,098.40 won against the US dollar, down 5.8 won from the previous session‘s close.
Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys rose 4 basis points to 1.328 percent and the return on the benchmark five-year government bond climbed 4.9 basis points at 1.376 percent.
(theinvestor@heraldcorp.com)
The benchmark KOSPI shed 25.86 points, or 1.25 percent, to close at 2,037.87. Trade volume was moderate at 387 million shares worth 4.16 trillion won (US$3.79 billion), with losers outnumbering gainers 591 to 218.
South Korean stocks opened weak on overnight falls on Wall Street but extended losses following news that North Korea has conducted its fifth nuclear test in defiance of international pressure to stop its nuclear program.
The index hit as low as 2,029.46 at one point but pared earlier losses in the afternoon.
“Overnight falls in the US stock market, coupled with North Korea’s nuclear test, sapped investor sentiment here,” said Lee Sang-hwa, an analyst at Hyundai Securities. “Also, Samsung Electronics’ slump weighed down the overall market sentiment.”
Analysts said the North’s nuke test may have a limited impact on the local stock market as proven by past nuclear tests. It, however, may roil the market for a short period of time.
As widely expected, the Bank of Korea, the country’s central bank, froze its policy rate at a record low of 1.25 percent
Top market cap Samsung Electronics sank 3.9 percent to end at 1,575,000 won as foreign investors dumped shares to lock in recent gains.
Naver shed 2.53 percent to 847,000 won, and SK hynix, a major chipmaker, advanced 0.65 percent to 38,950 won.
Hyundai Motor rose 0.36 percent to 139,500 won, while AmorePacific fell 2.26 percent to 390,000 won. POSCO remained flat at 231,500 won.
The local currency closed at 1,098.40 won against the US dollar, down 5.8 won from the previous session‘s close.
Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys rose 4 basis points to 1.328 percent and the return on the benchmark five-year government bond climbed 4.9 basis points at 1.376 percent.
(theinvestor@heraldcorp.com)
