October 02, 2024 at 02:58 am EDT
(MT Newswires) -- South Korean shares declined on Wednesday amid a decline in consumer prices and muted optimism from manufacturers in the country.
The Korea Composite Stock Price Index, or Kospi, was down 31.58 points, or 1.22%, to close at 2,561.69. The Kosdaq also fell 1.75 points, or 0.23%, to 762.13.
Inflation in South Korea slowed further in September to the weakest since February 2021. The country's consumer price index rose 1.6% year over year in September, slower than the 2% growth in August.
The figure is slower than the 1.9% forecast by economists polled by Reuters. The reading is also weaker compared with the Bank of Korea's medium-term target of 2%.
The S&P Global South Korea Manufacturing Purchasing Managers' Index contracted to 48.3 in September from an expansion of 51.9 in August, indicating a fall in new orders and output. The decline is the most pronounced since June 2023, S&P said.
In corporate news, Korea Zinc (KRX:010130) closed 4% higher after the world's largest zinc smelter made a counteroffer to repurchase and cancel its own shares in an attempt to stave off a tender offer by a private equity firm and its largest shareholder.
The move came after a court in Seoul dismissed a motion by shareholder Young Poong, allowing Korea Zinc to repurchase its shares to stop what it calls a "hostile M&A," according to a statement on its website.

Sumber : MT Newswires