Hyundai Motor 8.71% · Kia 6.02% decline, auto stocks weaken
9 day, major auto stocks including Hyundai Motor and Kia fell across the board in the domestic stock market. Hyundai Motor, based on its closing price on 8 day, stood at 63ten thousand 9thousand won, down 8.71% from the previous day. Kia and KG Mobility also declined to 15ten thousand 1thousand 400won and 2thousand 825won, respectively.
9 day, major auto stocks fell across the board in the domestic stock market. Based on the closing price on 8 day, Hyundai Motor shares stood at 63ten thousand 9thousand won, down 8.71% from the previous day. This confirmed weakness across the sector.
On the same basis, Kia's closing price was 15ten thousand 1thousand 400won, down 6.02% from the previous day. Concurrent declines were observed among several automakers and related stocks. The extent of declines varied among individual stocks.
KG Mobility's closing price was 2thousand 825won, down 7.38% from the previous day. Small- and mid-cap stocks also showed weakness. The downward trend that day appeared across major companies overall.
The automotive sector is classified as a major beneficiary when the dollar-won exchange rate rises, as overseas sales account for a large share of revenue. A higher exchange rate increases the won-denominated revenue of exporting companies. This has been the backdrop to expectations that the high exchange rate would benefit the sector.
However, concerns have been raised that if the high exchange rate persists over the long term, the cost of importing raw materials and parts could rise. Alongside this, global regulatory risks were cited as a burden on sales and supply. The report mentioned these two factors as the backdrop to the weakness in share prices that day.
The article did not include any additional disclosures or detailed explanations from the companies concerned after the market closed. Investors are watching for further news related to exchange rates and regulations. The article contained no detailed comments on the outlook.
Sources: 연합인포맥스
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