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Seoul falls on concerns over China's anti-missile shield boycott

The Seoul Stock Exchange fell more than 1 percent today on concerns about China's boycott of South Korean companies and Beijing's recommendation not to travel to this Country, to protest the installation of the THAAD anti-missile shield.

SEOUL, Sept. 3 (Xinhua) - The stock market in Seoul fell more than 1 percent on Thursday due to worries about China's boycott of South Korean firms and Beijing's recommendation Not to travel to this country, to protest the installation of the THAAD anti-missile shield.

The Kospi closed down 23.90 points, down 1.14 percent, to 2,078.75 points, while the Kosdaq index of technological values ​​fell 8.20 points, 1.35 percent, to 600.73 units, in a day that moved 4.97 trillion won ($ 4.3 billion).

Seoul's parchment opened lower on the growing rejection of Chinese citizens against South Korean conglomerate Lotte, expressed through Demonstrations or calls for a boycott against South Korean products.

Lotte, the main objective of these pressure measures, ceded to the South Korean government the land southeast of the The capital where the missile system will be installed that has unleashed the anger of Beijing.

On the 28th, when Seoul announced the acquisition of land, the Chinese government warned that It would take "necessary steps" to protect its interests against the US anti-missile system THAAD, but for now has not detailed such actions.

The project has been Surrounded by controversy from the beginning, since Pyongyang considers it a threat to its security, while China and Russia have expressed their opposition to believe that the powerful radars of the THAAD can be used to obtain intelligence from their closest military bases.

Also, the National Tourism Administration of China advised against traveling to South Korea today Through a message on their website "because recently there has been an increase in the number of Chinese people who are not allowed to enter the island of Jeju", which in Seoul is interpreted as another Pressure.

Investors fear that the boycott "could affect other companies in the cosmetics or entertainment sectors, which are heavily exposed to the Chinese market," he said. Analyst Kim Young-ok of KTB Investment & Securities told the local Yongap agency.

The Lotte conglomerate, which operates in the real estate, hotel, Retail or restoration, among others, fell 0.93 percent on the Seoul Stock Exchange.

Meanwhile, technology giant Samsung Electronics lost 0.25 percent, The same day it became known that the corruption trial against its de facto leader, Lee Jae-yong, will begin next week.

The local currency lost 14.5 against the dollar, which Was trading at 1,156.10 won at the close of the session.

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