[THE INVESTOR] South Korean shares recovered on Oct. 27 from a sharp fall in the previous session on lucrative corporate earnings. The Korean won fell against the US greenback.

The benchmark KOSPI rose 10.23 points, or 0.51 percent, to close at 2,024.12. Trade volume was moderate at 280 million shares worth 4.49 trillion won (US$3.93 billion), with gainers outnumbering losers 592 to 219.

Top market cap Samsung Electronics hiked 0.38 percent to end at 1,573,000 won, on its shareholders’ decision to boost Vice Chairman Lee Jae-yong to the electronics giant’s board of directors.

However, Samsung commented earlier in the day that its third-quarter earnings dropped 30 percent from a year earlier, mainly hit by its decision to stop Galaxy Note 7 smartphone sales for safety reasons.

The world’s largest maker of smartphones said its operating profit for the July-September quarter stood at 5.2 trillion won, compared with a profit of 7.3 trillion won a year ago.

Naver, the operator of the country’s top internet portal, advanced 1.30 percent to end at 859,000 won on its better-than-expected earnings.

AmorePacific, the country’s top cosmetics maker, rose 1.96 percent to end at 364,000 won, and LG Household & Healthcare, the No. 2 player, gained 1.42 percent at 858,000 won.

SK hynix, a major chipmaker, rose 0.23 percent to end at 43,000 won after it reported market forecast-beating third-quarter earnings, aided by higher chip prices.

Auto shares remained in positive terrain with industry leader Hyundai Motor climbing 0.36 percent to 138,000 won, and its smaller affiliate Kia Motors rising 0.48 percent to 41,650 won.

POSCO, the country’s No. 1 steelmaker, slumped 2.02 percent to end at 243,000 won although it reported sound third-quarter earnings.

The local currency closed at 1,142.50 won against the US dollar, down 8.50 won from the previous session’s close.


(theinvestor@heraldcorp.com)