South Korean shares fall over 1% as Samsung Electronics drops

Business Recorder, citing a Reuters round-up, reported that South Korean shares lost over 1 per cent on Monday. The KOSPI index stood at 6,822.66 by 0126 GMT, down 1.31 per cent or 90.29 points. Investor disappointment with Samsung Electronics' shareholder return policies pulled the market lower, as the chipmaker's stock slid sharply.

Last week the chipmaker outlined capital returns of as much as 110 trillion won, equal to $79.55 billion, for the current year, which analysts viewed as below forecasts. Samsung Electronics shares were down 6.31 per cent in the session as a result of that reaction.

Peer SK Hynix rose 1.91 per cent, while LG Energy Solution gained 3.93 per cent and Samsung SDI jumped 8.58 per cent after Samsung Display announced a plan to sell shares. Steelmaker POSCO Holdings added 5.65 per cent, but foreign investors were net sellers of 1.3 trillion won in shares. The won was quoted at 1,381.1 per dollar onshore, 0.35 per cent firmer than the earlier 1,386.0 level.