You are here
Seoul: Shares inch lower, falls stymied as Hyundai gains 6 pct; won lower
[SEOUL] South Korean shares edged lower on Thursday, weighed by nagging concerns over slowing global growth, although losses were capped by a late rally in Hyundai Motor Co after the release of its third-quarter earnings outlook.
The Korea Composite Stock Price Index (KOSPI) shed 0.27 per cent to close at 1,931.65.
Hyundai Motor missed consensus forecasts by reporting a 29 per cent fall in net profit for the July-September quarter, but the automaker said fourth-quarter profit was seen to be improving and that it was mulling a sizable increase in dividend rates.
Hyundai shares jumped on the news to close 5.9 per cent higher, its biggest one-day gain since April 3, 2012.
Hyundai's sister automaker Kia Motors Corp gained 2.8 per cent, while auto-parts manufacturer Hyundai Mobis Co Ltd soared 4.8 per cent following the news.
The South Korean won fell on Thursday, tracking dollar gains in the wake of data showing a modest rebound in US inflation, prompting market players to push out the possibility of a delayed rate hike by the US Federal Reserve.
The local currency was quoted at 1,056.1 to the dollar at the conclusion of onshore trade, compared with Wednesday's close of 1,051.4.