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Monday, May 23, 2022

Seoul shares edge down but car makers limit loss; won flat

Seoul shares edge down but car makers limit loss; won flatSEOUL: Seoul shares edged down on Monday on concerns over second quarter earnings, while car makers bolstered the main board on expectations a recently weak won could help lift their exports.

The Korea Composite Stock Price Index (KOSPI) was down 0.4 percent at 2,038.81 points. It touched a morning low of 2,032.44, the lowest in two weeks.

Hyundai Motor Co Ltd closed up 4.3 percent to 145,000 won, its highest closing level since June 2.

Hyundai’s affiliate Kia Motors Corp gained 4.4 percent, its sharpest one-day rise since April 14, to a near three-week high close of 43,650 won.

The won ended at 1,167.0, barely changed from the previous close at 1,167.9 ahead of a two-day US Federal Open Market Committee (FOMC) meeting starting on Tuesday.

Copyright Reuters, 2015

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