April 25, 2024

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[THE INVESTOR] Korean stocks got off to a weak start on April 27, led by losses in Samsung Electronics and its affiliates and automakers.

The benchmark KOSPI shed 4.74 points, or 0.2 percent, to 2,203.10 in the first 15 minutes of trading.

On April 26, the KOSPI closed at a fresh six-year high, driven by continued foreign buying.

Investors also seem to be tempted to cash in gains.

Market kingpin Samsung Electronics was 0.47 percent down and Samsung C&T, the de facto holding firm of the country’s largest conglomerate, dropped 3.8 percent.

Samsung Group affiliates suffered a decline after Samsung Electronics said earlier in the day that it would not adopt a holding company structure.

SK hynix, a major chipmaker, also shed 0.56 percent.

Hyundai Motor, the No. 1 automaker, moved down 1.99 percent, while Amorepacific, the country’s top cosmetics maker, rose 1.56 percent.

The local currency was trading at 1,130.60 won against the US dollar, down 5.50 won from the previous session’s close.

By Alex Lee and newswires (alexlee@heraldcorp.com)