Share prices drop in South Korea

Published:  24 Sep at 12 PM

Stocks in Asia have slipped slightly as investors focus on the health of the global economy and lock in recent gains. The markets were recently stimulated by a decision by central banks to pump more cash into financial systems. Stocks in South Korea lost around one per cent but could rise again if Spain is awarded a bailout package and oil prices stabilise.

The Korea Composite Stock Price Index has fallen from a five-month high which was marked on 14 September when the US Federal Reserve announced that it was introducing another round of quantitative easing.

However, the KOSPI is still 12.5 per cent higher than the lowest point it hit this year which was in July. The biggest fallers were Hyundi Securities, which lost three per cent of its stock value and Hana Financial Group, which slid 3.9 per cent.

Following the release of Apple’s iPhone 5 on 21 September, Samsung Electronics has seen its stock drop by 0.2 per cent. LG Electronics, the second biggest producer of smartphones in South Korea, saw its stock fall by 2 per cent.

In total, 513 listed companies declined in South Korea compared to 285 that made gains.