scorecardresearch
Follow Us:
Wednesday, March 03, 2021

Samsung’s worst fall in 5 months pulls down KOSPI after group leader’s prison sentence

Samsung Electronics plunged 3.4%, logging its sharpest fall in five months, leading losses, while other heavyweights such as LG Chem, Samsung BioLogics and Samsung SDI also slid 1.5%, 2% and 4.2%, respectively.

By: Reuters | Seoul |
Updated: January 18, 2021 3:06:56 pm
Jay Y. Lee, co-vice chairman of Samsung Electronics Co., left, wears a protective mask as he arrives at the Seoul High Court in Seoul, South Korea, on Monday, Jan. 18, 2021. (Photographer: SeongJoon Cho/Bloomberg)

Round-up of South Korean financial markets:

** South Korean shares on Monday logged their sharpest decline in near three months, as the court’s ruling against Samsung group leader soured sentiment, with continued worries about surging global coronavirus cases and its economic impact.

** The benchmark KOSPI ended down 71.97 points, or 2.33%, at 3,013.93, marking the sharpest decline since Oct. 30. The index dropped 2% in the previous session.

** Samsung Electronics plunged 3.4%, logging its sharpest fall in five months, leading losses, while other heavyweights such as LG Chem, Samsung BioLogics and Samsung SDI also slid 1.5%, 2% and 4.2%, respectively.

** A South Korean court on Monday sentenced Samsung Electronics’ vice chairman Jay Y. Lee to two and a half years in prison, which will have major ramifications for his leadership of the tech giant as well as Korea’s views toward big business.

** Chinese economic data, including fourth quarter GDP and December industrial output showed a further pickup in growth, but worries about rising infections in northeast region is fuelling concerns of another national wave.

** “The reason why shares are swinging much sharper compared to past trials is because retail investors (that gained greater stakes in Samsung recently) seem to be more focused on the idea of (the government’s) pressure on Samsung rather than the company’s performance and industry outlook,” said Lee Seung-woo, an analyst at Eugene Investment & Securities.

** Foreigners were net sellers of 219.0 billion won ($198.48 million) worth of shares on the main board.

** The won ended at 1,103.9 per dollar on the onshore settlement platform, 0.41% lower than its previous close.

** In offshore trading, the won was quoted at 1,103.6, while in non-deliverable forward trading its one-month contract was quoted at 1,103.5.

** The most liquid 3-year Korean treasury bond yield fell by 0.4 basis points to 0.970%.

($1 = 1,103.3800 won)

📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines

For all the latest Business News, download Indian Express App.

Advertisement
Advertisement
Advertisement
Advertisement