Hyundai Motor, Kia and other auto stocks plunge despite benefiting from a weak currency
Major auto stocks, including Hyundai Motor and Kia, fell sharply based on the closing price8 day. Hyundai Motor stood at639,000 won, down8.71%.
Major auto stocks, including Hyundai Motor and Kia, fell across the board in the domestic stock market. Auto stocks were generally weak that day. Some small- and mid-cap stocks also declined in tandem.
On8 day, Hyundai Motor's share price stood at639,000 won, down8.71% from the previous day. Hyundai Motor's decline was notable that day. It fell alongside the moves of other large auto stocks on the same day.
Kia stood at151,400 won, down6.02% from the previous day. Kia also declined among the large-cap stocks. It recorded weakness that day based on the closing price.
KG Mobility 2,825won, compared with the previous day 7.38% lower. Small- and mid-sized automakers also saw their share prices fall that day. Some stocks posted particularly steep declines.
The automotive sector is classified as a beneficiary when the dollar-won exchange rate rises because of its high proportion of overseas sales. However, the article also pointed out that concerns over rising costs from a prolonged period of high exchange rates and global regulatory risks weighed on the sector. The day's share-price movements emerged as these factors converged.
Sources: 연합인포맥스
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