SEOUL: South Korean stocks turned lower after a strong start Friday, dampened by a drop in auto and retail issues, analysts said.
After beginning a tad higher, the benchmark Korea Composite Stock Price Index (KOSPI) slipped 2.98 points, or 0.15 percent, to 1,949.86 in the first 15 minutes of trading.
Hyundai Mobis, the auto parts-making arm of Hyundai Motor, slumped more than 4 percent, with Lotte Shopping, a major retail company, fell nearly 4.5 percent.
Hyundai Glovis, the logistics arm of Hyundai Motor, started off nearly 5 percent up at the opening bell following a stake sale by the owner Chung family.
Hyundai Motor Chairman Chung Mong-koo and his son unloaded 13.4 percent of their more than 30-percent holding in the affiliate, worth approximately 1.1 trillion won (US$1 billion) in a block deal during the off-trading hours.
They said the sale was to comply with stiffer rules being applied to conglomerate owners with majority stakes in affiliates.
The tech-oriented KOSDAQ continued its rally for a second day, after it ended the previous session above the significant 600-mark for the first time in more than six years. The secondary index was up 0.6 percent to 604.38 as of 9:15 a.m.
The local currency was trading at 1,085.50 won against the U.S. dollar at the same time, up 5 won from Thursday’s close.
