Yoon travels to Netherlands for chip allaince, strategic partnership
[Herald Interview] Renault Korea prepares for major changes from 2024
Samsung, SK chiefs to visit ASML to discuss chip alliance
[Graphic News] Youth population in S. Korea to halve in 30 years
RM and V begin mandatory military service
Kospi takes loss after hitting 2,300 in morning tradeBy Son Ji-hyoung
Published : May 10, 2017 - 18:07
The benchmark Korea Composite Stock Price Index closed at 2,270.12, down 22.64 points, or 0.99 percent, from the previous session Monday. Markets did not open Tuesday for the presidential election, where Moon Jae-in of the Democratic Party of Korea clinched a landslide victory.
Opening at 2,295.25 on Wednesday, the Kospi surged to an intraday high of 2,323.22 at around 9:20 a.m., but fell to below 2,300 in less than 10 minutes. The index took the downward turn at around 11:30 a.m.
Market behemoth Samsung Electronics shed 3.02 percent, or 71,000 won ($62.50), to 2,280,000 won, ending nine straight trading days of gains.
“The Monday rally appears to have been transitory,” said Park So-yeon of Korea Investment & Securities. “The investors on Monday seemed to have braced for futures expiration dates on Thursday and things are going back to normal now.”
Despite losses, many market observers took a positive stance on a possible rally in the near future on the back of an anticipated policy drive by the newly elected Moon.
Market watchers showed prospects of improved corporate governance along with the adoption of a stewardship code by institutional investors, which beckon “a removal of obstacles standing in the way of capital market improvement,” as the Democratic Party put it.
“We expect corporate governance will likely continue to improve along with broad-based support for the need for better governance as a sound business strategy,” wrote Kwon Goo-hoon, chief financial analyst of Goldman Sachs, in a Wednesday report.
By Son Ji-hyoung (email@example.com)
Yoon departs for Amsterdam for regional security, chip cooperation
Korea to set up commission to combat supply chain disruptions
Could ex-leaders of rival parties join hands to launch a new force?