ID :
190613
Thu, 06/23/2011 - 10:33
Auther :
Shortlink :
https://oananews.org//node/190613
The shortlink copeid
Seoul shares slip 0.39 pct on U.S. woes
SEOUL, June 23 (Yonhap) -- South Korean stocks fell 0.39 percent on Thursday as investors remained concerned about the U.S. economy after the Fed said economic woes may persist, analysts said. The local currency fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) lost 8.04 points to 2,055.86. Trading volume was moderate at 255.5 million shares worth 5.34 trillion won (US$4.96 billion), with losers outpacing gainers 454 to 354.
"Investors were disappointed. They had anticipated the Fed to reassure that the current weak growth is part of a soft patch," said Lee Kyung-soo, an analyst at Shinyoung Securities Co.
In a news conference held after a Federal Open Market Committee (FOMC) meeting, Fed Chairman Ben Bernanke said factors that are weighing on the U.S. economy may last longer than expected. He also implied the Fed is unlikely to start another round of quantitative easing for the time being.
"But we may see some upbeat economic data coming from the U.S. next month. On top of that, if the Greek debt situation keeps improving, investors may regain their appetite for risky assets," said Lee.
Automakers led the KOSPI's decline. Top automaker Hyundai Motor lost 3.24 percent to 224,000 won, and its smaller affiliate Kia Motors slumped 2.74 percent to 67,500 won.
Energy companies also tumbled on weak oil prices, with market leader SK Innovation dipping 2.82 percent to 206,500 won.
However, takeover moves limited the losses. Top logistics firm Korea Express skyrocketed 14.96 percent to 134,500 won ahead of its bidding closure scheduled for Monday.
Techs extended their winning streak, with market bellwether Samsung Electronics adding 0.61 percent to 831,000 won.
Leading insurers also ended bullish, with Samsung Life Insurance rising 2.43 percent to 96,800 won.
The local currency closed at 1,076.9 won to the U.S. dollar, down 3 won from Wednesday's close, on growing views the Fed would not conduct another round of quantitative easing, dealers said.
mil@yna.co.kr
The benchmark Korea Composite Stock Price Index (KOSPI) lost 8.04 points to 2,055.86. Trading volume was moderate at 255.5 million shares worth 5.34 trillion won (US$4.96 billion), with losers outpacing gainers 454 to 354.
"Investors were disappointed. They had anticipated the Fed to reassure that the current weak growth is part of a soft patch," said Lee Kyung-soo, an analyst at Shinyoung Securities Co.
In a news conference held after a Federal Open Market Committee (FOMC) meeting, Fed Chairman Ben Bernanke said factors that are weighing on the U.S. economy may last longer than expected. He also implied the Fed is unlikely to start another round of quantitative easing for the time being.
"But we may see some upbeat economic data coming from the U.S. next month. On top of that, if the Greek debt situation keeps improving, investors may regain their appetite for risky assets," said Lee.
Automakers led the KOSPI's decline. Top automaker Hyundai Motor lost 3.24 percent to 224,000 won, and its smaller affiliate Kia Motors slumped 2.74 percent to 67,500 won.
Energy companies also tumbled on weak oil prices, with market leader SK Innovation dipping 2.82 percent to 206,500 won.
However, takeover moves limited the losses. Top logistics firm Korea Express skyrocketed 14.96 percent to 134,500 won ahead of its bidding closure scheduled for Monday.
Techs extended their winning streak, with market bellwether Samsung Electronics adding 0.61 percent to 831,000 won.
Leading insurers also ended bullish, with Samsung Life Insurance rising 2.43 percent to 96,800 won.
The local currency closed at 1,076.9 won to the U.S. dollar, down 3 won from Wednesday's close, on growing views the Fed would not conduct another round of quantitative easing, dealers said.
mil@yna.co.kr
