April 27, 2024

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[THE INVESTOR] Korea’s stock market closed nearly flat on May 14 mainly due to losses from technology and pharmaceutical shares. The Korean won fell against the US dollar.

The benchmark KOSPI edged down 1.6 points, or 0.06 percent, to 2,476.11. Trade volume was moderate at 642 million shares worth 9.41 trillion won (US$8.81 billion), with gainers outnumbering losers 543 to 282.

Major technology and pharmaceutical shares lost ground throughout the session, although steelmakers and builders closed on a bullish note.

Foreigners sold a net 89.6 billion won, with retail investors offloading a net 99.5 billion won. Institutions sold more shares than they bought, at 162.8 billion won.

Market behemoth Samsung Electronics decreased 2.34 percent to 50,100 won, and No. 2 chipmaker SK hynix shed 0.81 percent to end at 85,400 won. LG Electronics also moved down 0.2 percent to 97,500 won.

Pharmaceutical shares were also among major losers, with Samsung BioLogics dropping 4.66 percent to 368,500 won amid rising allegations over fraudulent accounting. Celltrion lost 1.92 percent, finishing at 255,000 won.

Mobile carriers had a bearish day, with SK Telecom slipping 1.56 percent to 221,000 won and KT falling 0.55 percent to 27,300 won. LG Uplus, the smallest player, shed 0.79 percent.

Steelmakers strongly gained ground, with No. 1 POSCO adding 3.63 percent at 371,000 won. Hyundai Steel also jumped 4.89 percent to 68,700 won, and Korea Zinc advanced 4 percent to 455,000 won.

Builders also closed higher, with Hyundai Engineering & Construction jumping 13.82 percent to 73,300 won and GS Engineering hiking 7.22 percent to 46,750 won.

The local currency closed at 1,068 won against the US dollar, up 1.30 won from the previous session.

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