ID :
62771
Wed, 05/27/2009 - 15:49
Auther :
Shortlink :
https://oananews.org//node/62771
The shortlink copeid
Seoul stocks end 0.73 pct lower on security woes
SEOUL, May 27 (Yonhap) -- South Korean stocks ended down 0.73 percent Wednesday,
erasing sharp opening gains as North Korea's military threat dented investor
sentiment, analysts said. The local currency ended lower against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) shed 10.02 points to
1,362.02, extending its losing run to a fifth session. Volume was heavy at 768.32
million shares worth 7.99 trillion won (US$6.3 billion), with losers outpacing
gainers 602 to 239.
After posting an intra-day gain of 1.8 percent, the stock index fell briefly as
the North ratcheted up tension on the peninsula by one-sidedly nullifying the
armistice that effectively ended the Korean War in 1953. Pyongyang's move came in
response to Seoul's joining into the U.S-led Proliferation Security Initiative,
which is aimed at stopping the spread of weapons of mass destruction.
"The North's military threat dashed investor sentiment, canceling out gains in
early trading, which were fueled by overnight Wall Street rallies," said Lee
Seung-woo, an analyst at Daewoo Securities.
Market heavyweight Samsung Electronics closed down 0.56 percent to 535,000 won,
the fifth session loss in a row.
Hynix Semiconductor, No. 2 memory-chip manufacturer, also slumped 4.17 percent to
11,500 won after a U.S. court delivered an unfavorable ruling on its patent
infringement case against an American-based chipmaker.
Second-largest tech giant LG Electronics, however, climbed 5.61 percent to
113,000 won on upbeat earnings predictions for the second quarter.
POSCO, top steelmaker, also gained 1.54 percent to 395,000 won as investors bet
falling iron ore prices may help boost its profitability.
Hyundai Heavy Industries gained 1.16 percent to 218,000 won after it said its
April sales grew 15 percent on-year to reach 1.8 trillion won.
Other shipbuilders finished sharply lower on bleak investor confidence. Daewoo
Shipbuilding & Marine Engineering slid 5.75 percent to 20,500 won and Samsung
Heavy Industries declined 2.08 percent to end at 30,650 won.
The local currency ended at 1,269.4 won against the dollar, down 6.4 won from
Tuesday's close, as continued tensions with the North raised jitters about risk
on the peninsula, dealers said.
pbr@yna.co.kr
(END)
erasing sharp opening gains as North Korea's military threat dented investor
sentiment, analysts said. The local currency ended lower against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) shed 10.02 points to
1,362.02, extending its losing run to a fifth session. Volume was heavy at 768.32
million shares worth 7.99 trillion won (US$6.3 billion), with losers outpacing
gainers 602 to 239.
After posting an intra-day gain of 1.8 percent, the stock index fell briefly as
the North ratcheted up tension on the peninsula by one-sidedly nullifying the
armistice that effectively ended the Korean War in 1953. Pyongyang's move came in
response to Seoul's joining into the U.S-led Proliferation Security Initiative,
which is aimed at stopping the spread of weapons of mass destruction.
"The North's military threat dashed investor sentiment, canceling out gains in
early trading, which were fueled by overnight Wall Street rallies," said Lee
Seung-woo, an analyst at Daewoo Securities.
Market heavyweight Samsung Electronics closed down 0.56 percent to 535,000 won,
the fifth session loss in a row.
Hynix Semiconductor, No. 2 memory-chip manufacturer, also slumped 4.17 percent to
11,500 won after a U.S. court delivered an unfavorable ruling on its patent
infringement case against an American-based chipmaker.
Second-largest tech giant LG Electronics, however, climbed 5.61 percent to
113,000 won on upbeat earnings predictions for the second quarter.
POSCO, top steelmaker, also gained 1.54 percent to 395,000 won as investors bet
falling iron ore prices may help boost its profitability.
Hyundai Heavy Industries gained 1.16 percent to 218,000 won after it said its
April sales grew 15 percent on-year to reach 1.8 trillion won.
Other shipbuilders finished sharply lower on bleak investor confidence. Daewoo
Shipbuilding & Marine Engineering slid 5.75 percent to 20,500 won and Samsung
Heavy Industries declined 2.08 percent to end at 30,650 won.
The local currency ended at 1,269.4 won against the dollar, down 6.4 won from
Tuesday's close, as continued tensions with the North raised jitters about risk
on the peninsula, dealers said.
pbr@yna.co.kr
(END)
