ID :
182644
Tue, 05/17/2011 - 10:36
Auther :
Shortlink :
https://oananews.org//node/182644
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Seoul shares drop 0.08 pct on eurozone debt woes
SEOUL, May 17 (Yonhap) -- South Korean stocks declined 0.08 percent on Tuesday as investor sentiment remained fragile on concerns about the persistent eurozone debt crisis, analysts said. The local currency rose against the U.S. dollar.
After volatile trading, the benchmark Korea Composite Stock Price Index (KOSPI) fell 1.77 points to 2,102.41, the fourth straight session of losses. Trading volume was moderate at 296.8 million shares worth 5.74 trillion won (US$5.25 billion) with losers outpacing gainers 522 to 296.
"Throughout the session, the market moved in a tight range. Sentiment was weak as uncertainty surrounding Greece's potential debt restructuring lingers," said Kwak Joonbg-bo, a market analyst at Samsung Securities Co.
Kwak said, however, that the Seoul market is not likely to sharply lose ground as the Korean market is still viewed as being relatively attractive given pullbacks in commodity markets and that the eurozone debt news is not a fresh negative factor.
The KOSPI opened higher on the back of bank gains, but concerns about the eurozone debt crisis continued to weigh on sentiment, leading the key stock index to reverse earlier gains.
Eurozone finance ministers on Monday approved an emergency loan worth 78 billion euros for debt-stricken Portugal, but they called for Greece to make rigorous efforts to cut debts without concluding on whether to offer aid to the country.
Offshore investors remained net sellers of local stocks for a fourth session by dumping a net 234.1 billion won worth of Seoul shares on the main bourse.
Tech and machinery shares lost momentum. Chip giant Hynix Semiconductor declined 3.78 percent to 33,100 won, affected by a fall in key chip prices and profit-taking. Market leader Samsung Electronics shed 1.22 percent to 890,000 won.
Bank shares closed mixed. No. 2 banking group Shinhan Financial Group rose 2.97 percent to 48,600 won, but its rival Woori Finance fell 1.48 percent to 13,350 won after the government unveiled a road map for resuming the stalled sale of the group.
Automakers rebounded from the previous sessions' sharp losses. Top player Hyundai Motor lost 0.89 percent to 226,000 won, and its affiliate Kia Motors advanced 2.56 percent to 72,100 won.
Reversing earlier weakness, the local currency ended at 1,088.50 won to the dollar, up 2.7 won from Monday's close, as offshore investors snapped up the greenback, dealers said.
sooyeon@yna.co.kr