ID :
198670
Tue, 08/02/2011 - 10:24
Auther :
Shortlink :
https://oananews.org//node/198670
The shortlink copeid
Seoul shares plunge 2.35 pct on U.S. economic woes
SEOUL, Aug. 2 (Yonhap) -- South Korean stocks sank 2.35 percent Tuesday as jitters over a U.S. economic slowdown unleashed foreign and institutional sell-offs, analysts said. The local currency fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) lost 51.04 points to 2,121.27. Trading volume was moderate at 346.9 million shares worth 7.62 trillion won (US$7.25 billion) with losers outnumbering gainers 688 to 169.
"Investors have doubts about the pace of economic recovery in the U.S. as revised data on first-quarter gross domestic product (GDP) growth released last week showed that the U.S. economy has slowed down from the beginning of the year," said Lim Soo-gyoon, an analysts at Samsung Securities Co. "The slowdown in the U.S. economy darkened prospects for Korean exporters."
The world's largest economy expanded at a 1.3 percent annual rate and the revised GDP growth rate during the first quarter of the year was a mere 0.4 percent.
Lim said that worries over the U.S. debt limit would fizzle out as the House of Representatives passed the debt-limit legislation to avoid a default and the Senate is expected to approve it.
Stocks were bearish across the board, with exporters leading the decline on fears a global economic slowdown may further dent their revenues.
Market bellwether Samsung Electronics fell 2.07 percent to 852,000 won and its chip rival Hynix Semiconductor went down 0.39 percent to 25,450 won.
Auto exporters also lost ground. Leading car maker Hyundai Motor nosedived 4.88 percent to 224,000 won, and its smaller affiliate Kia Motors plunges 3.96 percent to 77,700 won.
POSCO, South Korea's top steelmaker, declined 0.32 percent 470,000 won, and Samsung Heavy Industries, the country's No. 3 shipbuilder, plummeted 3.19 percent to 42,550 won.
The local currency ended at 1,050.8 won to the U.S. dollar, down 0.3 won from Monday's close, as investors shunned risky assets amid growing uncertainties about the U.S. economy, dealers said.
The benchmark Korea Composite Stock Price Index (KOSPI) lost 51.04 points to 2,121.27. Trading volume was moderate at 346.9 million shares worth 7.62 trillion won (US$7.25 billion) with losers outnumbering gainers 688 to 169.
"Investors have doubts about the pace of economic recovery in the U.S. as revised data on first-quarter gross domestic product (GDP) growth released last week showed that the U.S. economy has slowed down from the beginning of the year," said Lim Soo-gyoon, an analysts at Samsung Securities Co. "The slowdown in the U.S. economy darkened prospects for Korean exporters."
The world's largest economy expanded at a 1.3 percent annual rate and the revised GDP growth rate during the first quarter of the year was a mere 0.4 percent.
Lim said that worries over the U.S. debt limit would fizzle out as the House of Representatives passed the debt-limit legislation to avoid a default and the Senate is expected to approve it.
Stocks were bearish across the board, with exporters leading the decline on fears a global economic slowdown may further dent their revenues.
Market bellwether Samsung Electronics fell 2.07 percent to 852,000 won and its chip rival Hynix Semiconductor went down 0.39 percent to 25,450 won.
Auto exporters also lost ground. Leading car maker Hyundai Motor nosedived 4.88 percent to 224,000 won, and its smaller affiliate Kia Motors plunges 3.96 percent to 77,700 won.
POSCO, South Korea's top steelmaker, declined 0.32 percent 470,000 won, and Samsung Heavy Industries, the country's No. 3 shipbuilder, plummeted 3.19 percent to 42,550 won.
The local currency ended at 1,050.8 won to the U.S. dollar, down 0.3 won from Monday's close, as investors shunned risky assets amid growing uncertainties about the U.S. economy, dealers said.
