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S.Korean shares fall as Hyundai plunges; won weaker on Fed outlook
September 18, 2014 / 6:22 AM / 3 years ago

S.Korean shares fall as Hyundai plunges; won weaker on Fed outlook

(For the midday report, please click )

SEOUL, Sept 18 (Reuters) - South Korean shares fell on Thursday, pulled down by a sharp plunge in Hyundai Motor and its affiliates, who will pay more than $10 billion for a Seoul plot where it plans to build a new global headquarters.

Shares in Hyundai Motor and its sister company Kia Motors fell 9.2 percent and 7.8 percent respectively on news of the group’s winning bid of $10.14 billon, about three times the land’s appraised value.

The Korea Composite Stock Price Index (KOSPI) fell 0.72 percent to close at 2,047.74 points.

The South Korean won fell to a fresh 5-month low as the dollar rallied against a broad range of currencies, with investors feeling hawkish about the timing of the next U.S interest rate hike.

The local currency was quoted at 1,043.4 to the dollar at the end of onshore trade on Thursday, compared to Wednesday’s close of 1,034.9 (Reporting by Joonhee Yu; Editing by Richard Borsuk)

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