Seoul: Seoul shares pared back earlier gains late Friday morning due to foreign selling, amid ongoing concerns about the pace of the Federal Reserve’s rate cuts. The Korea Composite Stock Price Index (KOSPI) rose modestly by 6.41 points, or 0.25 percent, reaching 2,587.44 by 11:20 a.m. local time.
According to Yonhap News Agency, institutions and foreign investors sold a combined 231 billion won (approximately US$167 million) in stocks, counterbalancing individual investors’ purchases totaling 243 billion won. Meanwhile, U.S. stock markets showed mixed results overnight, with the Dow Jones Industrial Average dipping 0.33 percent to 42,374.36, while the Nasdaq Composite increased by 0.76 percent to 18,415.49.
In the Seoul market, large-cap stocks displayed varied performances. Samsung Electronics Co., a market bellwether, saw a decline of 0.9 percent. Hyundai Motor Co., a leading carmaker, and Korea Electric Power Corp., a state utility, both fell by 1.5 percent. Amorepacific Corp., a prominent cosmetics com
pany, experienced a 4.2 percent drop.
Among the gainers, SK hynix Inc., the second-largest chipmaker, rose by 1.7 percent. Hyundai Mobis Co., a leading auto parts manufacturer, surged 4.6 percent, while KT and G Corp., a dominant tobacco company, increased by 1.6 percent. Korea Zinc advanced by 5.2 percent as investors awaited the outcome of its share buyback that concluded on Wednesday, amid a control dispute over the world’s largest zinc smelter.
Korea Zinc’s shares were trading at 1.25 million won per share at 11:20 a.m., significantly above the 890,000 won buyback offer. This indicates that some investors anticipate a higher offer price as the takeover battle intensifies. Korea Zinc is embroiled in a takeover contest against private equity firm MBK Partners and Young Poong Corp., the largest shareholder of the smelter.
In the recent tender offer, Young Poong and MBK acquired a 5.34 percent stake in Korea Zinc at 830,000 won per share, increasing their total stake to over 38 percent. Korea Zinc’s chairm
an, Choi, and his family hold a 15.6 percent stake in the company. The firm estimates its friendly shares, including those of the Choi family, to comprise a 34-36 percent stake.
The local currency was trading at 1,382.35 won against the U.S. dollar, a decrease of 2.2 won from the previous session.