ID :
210956
Tue, 10/04/2011 - 06:16
Auther :
Shortlink :
https://oananews.org//node/210956
The shortlink copeid
Seoul shares down 4.68 pct in late-morning trade
SEOUL (Yonhap) - South Korean stocks traded 4.68 percent lower late Tuesday morning on worries that the Greek debt problem could turn into a global banking crisis, analysts said.
The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 82.88 points to 1,686.77 as of 11:20 a.m., sinking below the psychologically important 1,700-point level again since it finished at 1,652 points on Sept. 26.
Large-cap shares traded in negative territory, with market bellwether Samsung Electronics dropping 3.1 percent.
Banks were among the biggest losers, with Woori Finance Holdings falling 7.12 percent.
Major refineries such as SK Innovation and S-Oil lost nearly 9 percent on concerns that the European debt crisis will curb fuel demand and in turn drag down oil product prices.
Greece said on Monday it will miss its deficit reduction targets this year and next, which could keep the country from receiving more aid from the European Union and the International Monetary Fund.
The larger-than-expected Greek deficit pulled Wall Street to a record low, with the Dow Jones Industrial Average dropping 2.36 percent and the tech-focused Nasdaq composite index falling 3.29 percent.
The local currency was trading at 1,206,05 won to the U.S. dollar as of 11:20 a.m., down 28.25 won from Friday's close. The South Korean market was closed Monday for National Foundation Day.
The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 82.88 points to 1,686.77 as of 11:20 a.m., sinking below the psychologically important 1,700-point level again since it finished at 1,652 points on Sept. 26.
Large-cap shares traded in negative territory, with market bellwether Samsung Electronics dropping 3.1 percent.
Banks were among the biggest losers, with Woori Finance Holdings falling 7.12 percent.
Major refineries such as SK Innovation and S-Oil lost nearly 9 percent on concerns that the European debt crisis will curb fuel demand and in turn drag down oil product prices.
Greece said on Monday it will miss its deficit reduction targets this year and next, which could keep the country from receiving more aid from the European Union and the International Monetary Fund.
The larger-than-expected Greek deficit pulled Wall Street to a record low, with the Dow Jones Industrial Average dropping 2.36 percent and the tech-focused Nasdaq composite index falling 3.29 percent.
The local currency was trading at 1,206,05 won to the U.S. dollar as of 11:20 a.m., down 28.25 won from Friday's close. The South Korean market was closed Monday for National Foundation Day.
