November 29, 2024 at 02:59 am EST
(MT Newswires) -- South Korean shares closed lower on Friday after major technology firms led the losses. Investor sentiment was dampened over economic growth concerns in the face of US President-elect Donald Trump's possible tariffs on the country's exports to the US.
The Korea Composite Stock Price Index, or Kospi, was down by 48.76 points, or 1.95%, to close at 2,455.91. The Kosdaq also declined by 16.2 points, or 2.33%, to 678.19.
In economic news, South Korea's industrial sector showed signs of recovery in October, with the index of all industry production increasing by 2.3% year-over-year, according to data from Statistics Korea released Friday.
This marks a turnaround from the 1.3% decline recorded in September.
On a month-on-month basis, industrial production fell 0.3% in October, continuing the 0.3% monthly decline in September.
Growth in the country's manufacturing production index rose 6.5% year over year in October compared with a yearly decline of 1.5% in September. Month-on-month, manufacturing production rose 0.4% last month.
In corporate news, Samsung Electronics (KRX:005930) appointed Young Hyun Jun, currently vice chairman and head of device solutions division, as its co-chief executive officer and head of memory business and Samsung Advanced Institute of Technology.
Jinman Han was promoted to president and head of the foundry business, with Seok Woo Nam named the chief technical officer of the foundry business, the electronics products maker said in a Wednesday release.
Vice chairman, CEO, and head of device eXperience division, JH Han, will chair a new committee to enhance product quality, it said.
Shares of Samsung Electronics fell nearly 3% at market close on Friday.

Sumber : MT Newswires