Seoul stocks end down 0.94 pct on tech, auto falls

(ATTN: ADDS bond yields at bottom)
SEOUL, June 16 (Yonhap) -- South Korean stocks closed 0.94 percent lower Tuesday
as overnight plunges in U.S. markets sparked selloffs in large-cap issues by
raising jitters over the health of the global economy, analysts said. The local
currency rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 13.27 points to
1,399.15, closing below the 1,400 mark for the first time in five sessions.
Volume was moderate at 465 million shares worth 4.49 trillion won (US$3.57
billion), with losers outpacing winners 501 to 307.
"Foreign investors continued to cut their holdings for a second straight day,
sending the index below the 1,400 point mark," said Han Chi-hwan, an analyst at
Daewoo Securities. "Though sustained by bargain hunting, selloffs in large-cap
shares such as tech, auto and steelmakers sapped the overall market momentum."
Tech exporters were severely battered with industry leader Samsung Electronics
plunging 2.42 percent to close at 565,000 won. Its smaller rival LG Electronics
lost 3.67 percent to 118,000 won.
Growing jitters over a protracted global slowdown sent auto exporters lower. No.
1 carmaker Hyundai Motor closed down 2.36 percent at 70,200 won, while its
affiliate and second-ranked Kia Motors was also down 3.66 percent to 11,850 won.
Financial shares ended lower. No. 1 brokerage Samsung Securities plunged 2.11
percent to 69,500 won and Hana Financial Group fell 1.5 percent to 26,730 won.
Telecoms, however, bucked the downturn for a second straight day on upbeat
earnings outlooks. Leading fixed line telecom operator KT rose 1.33 percent to
38,000 won and its major rival SK Telecom gained 0.84 percent to 181,000 won.
On Monday, Wall Street tumbled after bleaker-than-expected manufacturing data
dimmed the outlook for an economic recovery. The Dow Jones industrial average
fell 2.13 percent and the tech-laden Nasdaq composite index slid 2.28 percent.
The local currency ended at 1,257.5 won to the dollar, up 4.5 won from Monday's
close, amid the overall decline in the greenback against major global currencies,
dealers said.
Bond prices, which move inversely to yields, soared. The return on three-year
Treasuries fell 0.02 percentage point to 4.25 percent, while the benchmark yield
on five-year government bonds plunged 0.05 percentage point to 4.81 percent.
kokobj@yna.co.kr
(END)