ID :
66479
Thu, 06/18/2009 - 20:29
Auther :
Shortlink :
https://oananews.org//node/66479
The shortlink copeid
Seoul stocks drop 1.11 pct on steel, tech losses
(ATTN: ADDS bond yields at bottom)
SEOUL, June 18 (Yonhap) -- South Korean stocks sank 1.11 percent Thursday as
investors dumped steel, tech and other large-cap shares amid lingering
uncertainty over an economic recovery and lack of new momentum backing up recent
rallies, analysts said. The local currency fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) slid 15.41 points to
1,375.76, the fourth consecutive day of declines. Volume was moderate at 490.9
million shares worth 4.39 trillion won (US$3.46 billion), with losers outpacing
winners 498 to 295.
"Institutions and foreigners both dumped shares, causing sentiment to be frozen
amid concerns that there are few buying forces in the market that could help
buttress the index," said Han Chi-hwan, an analyst at Daewoo Securities.
Institutions drove the downturn by dumping shares, posting 190 billion won in net
sales. Foreign investors also trimmed holdings of local shares for a fourth
consecutive day but retailers remained sole net buyers.
Steelmakers were hard-hit by the gloomy market mood. Industry leader POSCO
dropped 2.36 percent to 413,500 won and smaller Hyundai Steel fell 1.01 percent
to 59,000 won.
Tech shares also accelerated their downward moves. Tech bellwether Samsung
Electronics fell 1.74 percent to 565,000 won, while second-ranked LG Electronics
plunged 4.22 percent to 113,500 won.
Telecom shares, which bucked recent market corrections, also ended sharply lower
as investors locked in profits. Fixed-line telecom giant KT slid 1.72 percent to
37,050 won, while leading mobile carrier SK Telecom plunged 3.02 percent to
176,500 won.
Financial shares, however, ended in positive territory on massive foreign
purchases. Major non-life insurer Hyundai Marine & Fire Insurance jumped 3.42
percent to 16,650 won.
The local currency ended at 1,266.3 won to the dollar, down 6.5 won from
Wednesday's close, as stock declines spawned appetites for safer bets, dealers
said.
Bond prices, which move inversely to yields, closed higher. The return on
three-year Treasuries plunged 0.04 percentage point to 4.20 percent, while the
benchmark yield on five-year government bonds dived 0.08 percentage point to 4.70
percent.
kokobj@yna.co.kr
(END)
SEOUL, June 18 (Yonhap) -- South Korean stocks sank 1.11 percent Thursday as
investors dumped steel, tech and other large-cap shares amid lingering
uncertainty over an economic recovery and lack of new momentum backing up recent
rallies, analysts said. The local currency fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) slid 15.41 points to
1,375.76, the fourth consecutive day of declines. Volume was moderate at 490.9
million shares worth 4.39 trillion won (US$3.46 billion), with losers outpacing
winners 498 to 295.
"Institutions and foreigners both dumped shares, causing sentiment to be frozen
amid concerns that there are few buying forces in the market that could help
buttress the index," said Han Chi-hwan, an analyst at Daewoo Securities.
Institutions drove the downturn by dumping shares, posting 190 billion won in net
sales. Foreign investors also trimmed holdings of local shares for a fourth
consecutive day but retailers remained sole net buyers.
Steelmakers were hard-hit by the gloomy market mood. Industry leader POSCO
dropped 2.36 percent to 413,500 won and smaller Hyundai Steel fell 1.01 percent
to 59,000 won.
Tech shares also accelerated their downward moves. Tech bellwether Samsung
Electronics fell 1.74 percent to 565,000 won, while second-ranked LG Electronics
plunged 4.22 percent to 113,500 won.
Telecom shares, which bucked recent market corrections, also ended sharply lower
as investors locked in profits. Fixed-line telecom giant KT slid 1.72 percent to
37,050 won, while leading mobile carrier SK Telecom plunged 3.02 percent to
176,500 won.
Financial shares, however, ended in positive territory on massive foreign
purchases. Major non-life insurer Hyundai Marine & Fire Insurance jumped 3.42
percent to 16,650 won.
The local currency ended at 1,266.3 won to the dollar, down 6.5 won from
Wednesday's close, as stock declines spawned appetites for safer bets, dealers
said.
Bond prices, which move inversely to yields, closed higher. The return on
three-year Treasuries plunged 0.04 percentage point to 4.20 percent, while the
benchmark yield on five-year government bonds dived 0.08 percentage point to 4.70
percent.
kokobj@yna.co.kr
(END)
