April 19, 2024

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[THE INVESTOR] Korea’s main bourse ended lower on April 20 as foreign investors moved to lock in profits from gains made in previous sessions amid a downbeat outlook over the semiconductor market. The Korean won weakened against the US dollar.

The benchmark KOSPI shed 9.77 points, or 0.39 percent, to close at 2,476.33. Trade volume was moderate at 526.13 million shares worth 7.71 trillion won (US$7.22 billion), with gainers outnumbering losers 525 to 300.

Foreign investors dumped a net 490.6 billion won worth of shares, while institutions and retailers picked up shares worth 158.6 billion won and 345.8 billion won respectively.

Losses occurred across the board, with tech firms and chipmakers leading the decline.

Market bellwether Samsung Electronics tumbled 2.2 percent to 2,581,000 won, and top chipmaker SK hynix retreated 3.98 percent to 34,400 won.

Steelmakers and chemicals also lost ground, with top steelmaker POSCO retreating 1.55 percent to 349,500 won and LG Chem falling 0.93 percent to 327,500 won.

Major bio shares traded mixed amid looming suspicions over its growth potential and experts’ warnings over a bubble burst of their shares.

Samsung Biologics inched down 0.2 percent to 506,000 won, while Celltrion, a major pharmaceutical firm, added 0.94 percent to 269,000 won on news that its biosimilar drug Truxima won approval for sales in Australia.

Samsung SDS, top conglomerate Samsung’s battery-making unit, jumped 5.42 percent to 243,000 won on upbeat earnings prospects and expectations for its value to be heightened in accordance with the group‘s governance restructuring moves.

Namkwang Engineering & Construction rallied 20.73 percent to hit a record high of 31,450 won thanks to rising hopes for economic cooperation with North Korea. The builder is one of the major construction firms that took part in inter-Korean economic projects in the past, including running a factory in the joint industrial complex of Kaesong.

The local currency closed at 1,067.25 won against the US dollar, down 5.75 won from the previous session’s close.

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