April 16, 2024

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[THE INVESTOR] Seoul stocks finished lower on April 6y as investor sentiment weakened after the US President Donald Trump reignited fears over a trade war with China. The Korean won fell against the US dollar.

The benchmark KOSPI fell 7.94 points, or 0.33 percent, to close at 2,429.58. Trade volume was moderate at 446 million shares worth 6.9 trillion won (US$6.45 billion), with losers outnumbering gainers 492 to 315.

Foreigners sold a net 238 billion won worth of local stocks, while individuals and institutions bought 207 billion won and 20 billion won, respectively.

Market kingpin Samsung Electronics declined 0.7 percent to close at 2,420,000 won, despite its record-breaking quarterly operating profit preview, as investors went on profit-taking.

The tech giant’s operating profit was estimated at 15.6 trillion won for the January-March period, above the market estimate of 14.5 trillion won. It marked a 3 percent rise from the previous record of 15.1 trillion won posted in the fourth quarter of last year.

Samsung Securities was down 3.64 percent at 38,350 won, after plunging as much as 11.68 percent at one point, as the company mistakenly paid its stocks as dividends to its employees.

Other large cap shares traded mixed across the board, with SK hynix, a major chipmaker, declining 3.14 percent to finish at 80,300 won.

LG Electronics jumped 5.71 percent to 111,000 won, after it released its first-quarter earnings above the market‘s estimate.

The company logged 1.1 trillion won in operating profit during the first three months of this year, up 20.2 percent from a year earlier.

Top automaker Hyundai Motor backtracked 0.97 percent to end at 152,500 won, and its smaller affiliate Kia Motors retreated 0.93 percent to 32,050 won.

Naver, Korea’s top portal operator, was down 1.16 percent to 770,000 won, and No. 1 game developer Netmarble Games dropped 2.73 percent to 142,500 won.

Financial shares were among the winners, with KB Financial Group edging up 0.34 percent to 58,300 won, and Hana Financial Group climbing 0.72 percent to 42,050 won.

The local currency ended at 1,069.60 won against the greenback, down 9.90 won from the previous session’s close.

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