South Korean shares fall over 1% as Samsung Electronics drops
SEOUL: Round-up of South Korean financial markets: South Korean shares fell more than 1% on Monday, dragged down by heavy losses in Samsung Electronics on disappointment over its shareholder return policies. The benchmark KOSPI was down 90.29 points, or 1.31%, at 6,822.66 as of 0126 GMT. Samsung Electronics fell 6.31%, after the chipmaker said last week its shareholder returns this year could…
South Korean stocks declined over one percent on Monday, with Samsung Electronics leading the decline due to disappointment over its dividend distribution strategy. The KOSPI index fell 90.29 points, or 1.31%, to 6,822.66. Analysts noted that Samsung's projected shareholder returns for the year were lower than anticipated, at 110 trillion won ($79.55 billion).
SK Hynix, a rival in the memory chip sector, saw a 1.91% rise. LG Energy Solution, another key player, increased by 3.93%, while Samsung SDI, another competitor, jumped 8.58% following a share sale announcement. Hyundai Motor and Kia Corp, two major automakers, experienced minor declines of 0.84% and 0.31%, respectively. POSCO Holdings, a leading steel producer, rose 5.65%, while Samsung BioLogics, a pharmaceutical company, slipped by 0.26%.
Out of 901 traded stocks, 506 advanced, and 346 declined. Foreign investors sold shares worth 1.3 trillion won. The Korean won strengthened slightly against the US dollar, closing at 1,381.1 per dollar, up 0.35% from the previous trading session. In the fixed-income markets, September futures for three-year government bonds rose 0.05 point to 103.18, with the yield on these bonds easing by 0.2 basis points to 3.851%. The benchmark yield on 10-year government bonds decreased by 6.4 basis points to 4.350%.
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