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South Korea's main stock index falls on banks; won declines

South Korea's main stock index falls on banks; won declines

South Korean shares fell marginally Monday on losses in banks and SK Networks. The won declined.
The Korea Composite Stock Price Index fell 0.28 point, marginal in percentage terms, to 1,542.24.
Trading volume was light with investors taking to the sidelines ahead of the Labor Day holiday Tuesday, when local markets are closed.
Banks declined on the expectation of narrower interest margins. Top lender Kookmin Bank fell 0.8 percent to 83,500 won and Hana Financial Group declined 1.8 percent to 49,000 won.
SK Networks Co. dived 14.9 percent to 26,800 won on share oversupply worries. The trading arm of conglomerate SK Group said earlier this month it had graduated from a debt workout program ahead of schedule.
Carmakers bucked the downward trend, rising after recent declines. Hyundai Motor Co. rose 2.2 percent to 59,300 won. Ssangyong Motor Co., which mostly manufactures sport utility vehicles, gained 1.5 percent to 6,800 won.
In currency trading, the U.S. dollar closed at 930.80 won, up from 929.20 won Friday.


Updated : 2020-12-04 09:15 GMT+08:00