South Korean Shares Decline Slightly as Investors Eye US Fed Policy Meeting Minutes; LG Innotek Stock Sheds 1%

MT Newswires Live05-22

South Korean shares declined marginally on Wednesday ahead of the minutes of the US Federal Reserveâs last monetary policy meeting, scheduled to be released later in the day.The Korea Composite ...

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The Kosdaq fell 0.79 points, or 0.09%, to 845.72.In economic news, producer prices in South Korea increased 1.8% in April from a year earlier, according to preliminary data from the Bank of Korea on Wednesday.The improvement was led by increases across a few major sub-indices in the month. Prices of agricultural, forestry and marine products grew 11.6%, and prices for electric power, gas, water and waste rose 3.9%, while manufacturing product prices gained 0.9%, and services costs increased 1.9% in the month from the year-ago period.On a month-on-month basis, producer prices rose 0.3% in April, higher than the 0.2% gain in March.In corporate news, electronic component manufacturer LG Innotek (KRX:011070) slashed its capital expenditure for 2024, marking a strategic shift toward improving cost competitiveness.According to a company report for the first quarter of 2024, the firm's capital investment stood at 178.9 billion won. The optical solutions division received the highest investment at 89.7 billion won, followed by 61.9 billion won for substrate materials and 27.4 billion won for automotive components. Compared to LG Innotek's spending of 331.6 billion won in Q1 2023, the 2024 expenditure marks a 46% decline. Investment in optical solutions witnessed a sharp decline of 60.3% from last yearâs 225.8 billion won.The company also sharply lowered its annual investment plans. 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