ID :
187184
Wed, 06/08/2011 - 10:42
Auther :
Shortlink :
https://oananews.org//node/187184
The shortlink copeid
Seoul shares drop 0.78 pct on shipyards, autos
SEOUL, June 8 (Yonhap) -- South Korean stocks finished 0.78 percent lower Wednesday as large-cap shipbuilders and automakers weighed down the market amid subdued trading, analysts said. The local currency rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) dipped 16.36 points to 2,083.35. Trading volume was thin at 272 million shares worth 6.5 trillion won (US$6.01 billion) with losers leading gainers 516 to 290.
"Ben Bernanke's comments did not have a direct impact on the local market as he said accommodative monetary policies will continue and foreign investors stayed as net buyers," said Lim Dong-rak, an analyst at Hanyang Securities Co.
Bernanke, the Federal Reserve chairman, said the previous day that the U.S. economic recovery is "frustratingly slow," adding that the country still needs accommodative monetary policies.
The sharp falls among the large-cap autos and shipbuilders swayed the KOSPI as trading volume stayed thin. Investors took to the sidelines ahead of the central bank's monthly rate-setting meeting scheduled for Friday.
"Although many analysts bet that the Bank of Korea will freeze the key interest rate, there's still uncertainty, which has prompted investors to wait and see," Lim said.
The world's largest shipyard Hyundai Heavy Industries sank 5.57 percent to 466,000 won after media reports that the company may consider bidding for a 15 percent stake in Hynix Semiconductor, the world's No. 2 memory chipmaker. The company later said in a filing that it has not made a decision.
Tech and auto exporters also led the decline. Market heavyweight Samsung Electronics was down 1.13 percent at 877,000 won and top automaker Hyundai Motor dropped 2.73 percent to 231,500 won.
Retailers were weighed down by government data that showed weaker-than-expected domestic demand. Hyundai Department Store skidded 5.53 percent to 179,500 won.
The local currency closed at 1,080.1 won to the greenback, up 1.9 won from Tuesday's close, as overseas investors added Seoul shares, dealers said.
The benchmark Korea Composite Stock Price Index (KOSPI) dipped 16.36 points to 2,083.35. Trading volume was thin at 272 million shares worth 6.5 trillion won (US$6.01 billion) with losers leading gainers 516 to 290.
"Ben Bernanke's comments did not have a direct impact on the local market as he said accommodative monetary policies will continue and foreign investors stayed as net buyers," said Lim Dong-rak, an analyst at Hanyang Securities Co.
Bernanke, the Federal Reserve chairman, said the previous day that the U.S. economic recovery is "frustratingly slow," adding that the country still needs accommodative monetary policies.
The sharp falls among the large-cap autos and shipbuilders swayed the KOSPI as trading volume stayed thin. Investors took to the sidelines ahead of the central bank's monthly rate-setting meeting scheduled for Friday.
"Although many analysts bet that the Bank of Korea will freeze the key interest rate, there's still uncertainty, which has prompted investors to wait and see," Lim said.
The world's largest shipyard Hyundai Heavy Industries sank 5.57 percent to 466,000 won after media reports that the company may consider bidding for a 15 percent stake in Hynix Semiconductor, the world's No. 2 memory chipmaker. The company later said in a filing that it has not made a decision.
Tech and auto exporters also led the decline. Market heavyweight Samsung Electronics was down 1.13 percent at 877,000 won and top automaker Hyundai Motor dropped 2.73 percent to 231,500 won.
Retailers were weighed down by government data that showed weaker-than-expected domestic demand. Hyundai Department Store skidded 5.53 percent to 179,500 won.
The local currency closed at 1,080.1 won to the greenback, up 1.9 won from Tuesday's close, as overseas investors added Seoul shares, dealers said.
