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The Korea Herald
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THE INVESTOR
March 29, 2024

Market Now

[HEIR ARREST] KOSPI slips as Samsung shares slide

  • PUBLISHED :February 17, 2017 - 17:52
  • UPDATED :February 17, 2017 - 18:10
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[THE INVESTOR] South Korean stocks finished slightly lower on Feb. 17 as investors remained jittery due to the arrest of the Samsung Group chief over his alleged role in a high-profile scandal that led to the impeachment of President Park Geun-hye. The Korean won fell against the U.S. dollar.

The benchmark KOSPI shed 1.26 points, or 0.06 percent, to close at 2,080.58. Trade volume was moderate at 296 million shares worth 4.27 trillion won (US$3.73 billion), with gainers outnumbering losers 403 to 389.

The local stock market opened a tad lower as market sentiment was dampened by news that Lee Jae-yong, vice chairman of Samsung Electronics, was arrested over the bribery scandal.

Samsung Group shares declined, and foreign investors sold local stocks.

“Lee‘s arrest is a negative factor for the market, but it does not mean an outright dent on Samsung Electronics and its affiliates,” said Kim Byong-yon, an analyst at NH Investment & Securities.

The analyst said the local stock market is also roiled by a slew of negative factors, such as increased currency volatility, uncertainties over the Trump administration’s trade policy and looming rate hikes in the U.S.

Top cap Samsung Electronics ended at 1,893,000 won, down 0.42 percent from the previous session‘s close, and Samsung Life Insurance, the country’s leading life insurer, shed 1.4 percent to 106,000 won.

Samsung C&T, the de facto holding firm for Samsung Group, fell 1.98 percent to 124,000 won.

(theinvestor@heraldcorp.com)

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