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Seoul: Shares fall as profit-taking hits Samsung SDS, won retreats
[SEOUL] South Korean shares fell on Friday as investors cashed in gains from a stellar trading debut by Samsung SDS, while the broader market was rattled by new signs of slowing economic growth in China.
The Korea Composite Stock Price Index (KOSPI) closed down 0.78 per cent at 1,945.14 points.
Samsung SDS, South Korea's largest IT services provider, opened trade at 380,000 won per share, double the IPO price of 190,000 won. Its shares plunged 13.8 per cent for the day on profit-taking, but remained more than 70 per cent up on the IPO price.
The South Korean won fell on Friday, tracking the Japanese Yen's decline to a seven-year low against the dollar, weakening beyond the psychologically-important 1,100 level.
The won was quoted at 1,100.5 to the dollar at the conclusion of onshore trade, compared to Thursday's close of 1,096.6. The currency has now booked a third straight losing week, having fallen nearly 4 per cent in that time.