April 24, 2024

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[THE INVESTOR] Korean stocks ended slightly lower on April 2, as market bellwether Samsung Electronics surrendered ahead of its first-quarter earnings guidance release, analysts said. The Korean won rose against the US dollar.

The benchmark KOSPI lost 1.69 points, or 0.07 percent, to close at 2,444.16. Trade volume was moderate at 386.6 million shares worth 6.6 trillion won (US$6.25 billion), with losers outnumbering gainers 479 to 351.

The local stock market opened higher on optimistic trade data released over the weekend but went south as investors took a wait-and-see stance ahead of the first-quarter earnings season, according to analysts.

“Strong economic data boosted investor sentiment at first but mixed expectations for Samsung’s earnings and woes over tightened regulations dragged down the market,” said Seo Sang-young, an analysts at Kiwoom Securities.

Individuals bought a net 74.3 billion won worth of local stocks, while foreign and institutional investors dumped a net 27.1 billion won and 21.8 billion won, respectively.

Samsung Electronics, the top market cap here, shed 1.38 percent to close at 2,427,000 won, while SK hynix, a major chipmaker, remained flat at 81,300 won.

KB Financial Group fell 1.98 percent to 59,500 won, and Shinhan Financial Group retreated 0.66 percent to close at 45,400 won.

Lotte Shopping, a leading retailer, jumped 6.61 percent to finish at 250,000 won, and Hotel Shilla also rose 6.36 percent to 102,000 won. Shinsegae, another retail giant, advanced 7.28 percent to close at 383,500 won.

Cosmetics makers, whose key source of income is Chinese nationals, also gained, with Amorepacific soaring 5.05 percent to end at 333,000 won, and LG Household & Healthcare adding 3.56 percent to 1,251,000 won.

Hyundai Motor, No. 1 carmaker, gained 3.84 percent to 148,500 won, and top steelmaker POSCO edged up 0.61 percent to 327,500 won.

The local currency closed at 1,056.60 won against the US dollar, up 6.90 won from the previous session.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)