ID :
205482
Tue, 09/06/2011 - 11:19
Auther :
Shortlink :
https://oananews.org//node/205482
The shortlink copeid
(LEAD) Seoul shares end 1.07 pct lower on worsening euro crisis
(ATTN: ADDS bond yields at bottom)
SEOUL, Sept. 6 (Yonhap) -- South Korean stocks fell 1.07 percent on Tuesday as foreign investors sold local exporters on fears that a row between debt-ridden Greece and its creditors may dent the global economy, analysts said. The local currency fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) dropped 19.12 points to 1,766.71, extending a losing streak to a third session. Trading volume was moderate at 496 million shares worth 6.48 trillion won (US$6.06 billion) with decliners outpacing gainers 672 to 180.
"The market lost significant ground earlier in the morning as the overall financial markets in Europe, including Italy and Spain as well as Greece, remained unstable," said Kwak Joong-bo, an analyst at Samsung Securities Co.
"The KOSPI recouped some of the losses later in the session as the national pension fund hunted for bargains."
Global investors shunned risky assets as a rift between Greece and its creditors, including the International Monetary Fund, sparked massive sell-offs in European stock markets on Monday. U.S. stock markets were closed for Labor Day.
The KOSPI zigzagged in negative and positive territory throughout the day, falling as much as 2.34 percent at one point and touching an intra-day high of 1,790.47, up 0.26 percent from the previous day's close.
Foreign investors cut a net 433.6 billion won, staying as net sellers of Korean stocks for three consecutive session.
Tech exporters led the fall. Samsung Electronics was down 0.55 percent to 727,000 won and LG Display, the world's second-largest maker of flat-screen panels, slumped 4 percent to 18,000 won.
Financial companies and banks tracked losses among their European peers. KB Financial Group, parent of top lender Kookmin Bank, shed 1.98 percent to 39,650 won and Woori Finance Holdings dropped 1.44 percent to 10,250 won.
Steelmakers, however, were among a few bright spots, as a local brokerage's report that the industry will hit the bottom in the third quarter helped shore up investor confidence. The sector leader POSCO added 1.77 percent to 403,000 won and the runner-up Hyundai Steel jumped 4.5 percent to 104,500 won.
The local currency closed at 1,074.9 won to the greenback, down 6.1 won from Monday's close, as offshore investors reduced holdings of local stocks, dealers said.
Bond prices, which move inversely to yields, closed mixed. The yield on three-year Treasuries held steady at 3.35 percent and the return on the benchmark five-year government bonds fell 0.01 percentage point to 3.45 percent.
SEOUL, Sept. 6 (Yonhap) -- South Korean stocks fell 1.07 percent on Tuesday as foreign investors sold local exporters on fears that a row between debt-ridden Greece and its creditors may dent the global economy, analysts said. The local currency fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) dropped 19.12 points to 1,766.71, extending a losing streak to a third session. Trading volume was moderate at 496 million shares worth 6.48 trillion won (US$6.06 billion) with decliners outpacing gainers 672 to 180.
"The market lost significant ground earlier in the morning as the overall financial markets in Europe, including Italy and Spain as well as Greece, remained unstable," said Kwak Joong-bo, an analyst at Samsung Securities Co.
"The KOSPI recouped some of the losses later in the session as the national pension fund hunted for bargains."
Global investors shunned risky assets as a rift between Greece and its creditors, including the International Monetary Fund, sparked massive sell-offs in European stock markets on Monday. U.S. stock markets were closed for Labor Day.
The KOSPI zigzagged in negative and positive territory throughout the day, falling as much as 2.34 percent at one point and touching an intra-day high of 1,790.47, up 0.26 percent from the previous day's close.
Foreign investors cut a net 433.6 billion won, staying as net sellers of Korean stocks for three consecutive session.
Tech exporters led the fall. Samsung Electronics was down 0.55 percent to 727,000 won and LG Display, the world's second-largest maker of flat-screen panels, slumped 4 percent to 18,000 won.
Financial companies and banks tracked losses among their European peers. KB Financial Group, parent of top lender Kookmin Bank, shed 1.98 percent to 39,650 won and Woori Finance Holdings dropped 1.44 percent to 10,250 won.
Steelmakers, however, were among a few bright spots, as a local brokerage's report that the industry will hit the bottom in the third quarter helped shore up investor confidence. The sector leader POSCO added 1.77 percent to 403,000 won and the runner-up Hyundai Steel jumped 4.5 percent to 104,500 won.
The local currency closed at 1,074.9 won to the greenback, down 6.1 won from Monday's close, as offshore investors reduced holdings of local stocks, dealers said.
Bond prices, which move inversely to yields, closed mixed. The yield on three-year Treasuries held steady at 3.35 percent and the return on the benchmark five-year government bonds fell 0.01 percentage point to 3.45 percent.
