South Korean stocks, won decline for the week as N.Korea worries persist

The Korea Composite Stock Price Index (KOSPI) closed down 0.1 per cent at 2,343.72 points while losing 0.6 per cent for the week. SEOUL: South Korean shares slumped on Friday to end the week at a loss as worries around North Korea continued to weigh on investor sentiment.

Hyundai Motor ended down 2 per cent while its affiliate Kia Motors lost 2.7 per cent. Parts supplier Hyundai Mobis was down 4.7 per cent.

Hyundai Motor’s plant in China resumed production after its second suspension over the week, Hyundai’s shares skidded following South Korea’s deployment of an anti-missile system that has angered Beijing.

The Korea Composite Stock Price Index (KOSPI) closed down 0.1 per cent at 2,343.72 points while losing 0.6 per cent for the week.

The South Korean won lost 0.4 per cent on a weekly basis, snapping three consecutive weeks of gains, because of escalated tensions in the Korean Peninsula.

But the won gained for the day on the weakening U.S. dollar as well as well against Asian peers after the European Central Bank hinted at tapering its stimulus in the autumn.

The won was quoted at 1,127.5 to the dollar at the conclusion of onshore trade, up 0.2 per cent versus Thursday’s close of 1,129.4.

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