South Korean Shares Close Lower as Investors Weigh US Fed's Rate Cut; LG Electronics Sheds 4%

MT Newswires Live2024-12-19

South Korean shares closed lower on Thursday as investors weighed the US Federal Reserve's benchmark interest rate cut on Wednesday. The latest 25 basis-point rate cut brings the US central bank's key rate to a target range of 4.25%-4.5%.

The Korea Composite Stock Price Index, or Kospi, was down by 48.5 points, or 1.95%, to close at 2,435.93. The Kosdaq also fell by 13.21 points, or 1.89%, to 684.36.

In economic news, South Korean companies' pre-tax net profit dropped 23.6% to 150.7 trillion won in 2023 from 197.3 trillion won a year earlier, data compiled by Statistics Korea indicated.

The manufacturing sector witnessed a 27.7 trillion won drop, largely due to sluggish chip demand, while overall sales fell 1.1% to 3,203.5 trillion won, ending two years of double-digit growth in 2023.

Additionally, 42% of firms surveyed held subsidiaries, with China and the US hosting the largest shares of foreign units at 23.1% and 16.1%, respectively.

In corporate news, LG Electronics (KRX:066570) announced its latest corporate value-up plan, which is the cancellation of 761,000 treasury stocks acquired within the range of dividendable profits.

The treasury stocks cancellation is expected to be carried out within 2025, the electronics products maker said in a corporate release with KIND.

Shares of LG Electronics fell nearly 4% at market close on Thursday.

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