South Korea’s major stock-rich billionaires have suffered a sharp loss in the value of their share holdings in August amid a downturn in stock prices, data showed Sunday.
The combined value of stocks held by the 30 wealthiest South Koreans reached 76.97 trillion won ($65.53 billion) as of Thursday, down 2.84 trillion won, or 2.6 percent, from end-July, according to the data compiled by market researcher Chaebol.com.
Over the two-week period, the Korea Composite Stock Price Index, the country’s key stock index, sank 2.3 percent to 1,983.46.
The local stock market has been fluctuating amid adverse exchange rate conditions, which have led to a fall in earnings for major exporters here. Added to this gloomy backdrop is China’s blitzkrieg currency devaluation, which has bent investors’ appetite for risky assets.
Shares of cosmetics firm AmorePacific Corp.’s chief Suh Kyung-bae, who is currently the richest based on his stock holdings, slumped 4.2 percent in value to 10.85 trillion won, according to the data.
Lee Kun-hee, the de facto chairman of the country’s largest conglomerate Samsung Group, also lost some of his wealth as his stocks were valued at 10.63 trillion won, down 5.6 percent from the end of July. Lee’s son Jae-yong’s stocks also tumbled 10.4 percent in value to 7.91 trillion won.
The stock assets of Chung Mong-koo, chairman of Hyundai Motor Group, decreased 4.4 percent, and his son Eui-son’s shares also plunged 7.3 percent in the same period, the data showed.
Both Shin Dong-bin and Shin Dong-joo, the two brothers quarreling over who gets to succeed their father in controlling the retail conglomerate Lotte Group, experienced 1 percent and 0.8 percent slips in their respective stock values.
In contrast, SK Group Chairman Chey Tae-won’s holdings edged up 1.5 percent following his release from jail on Friday as the government granted him a special pardon marking the country’s Liberation Day. (Yonhap)
