ID :
102930
Wed, 01/27/2010 - 18:48
Auther :
Shortlink :
https://www.oananews.org//node/102930
The shortlink copeid
Seoul shares end 0.72 pct lower on U.S. regulations
SEOUL, Jan. 27 (Yonhap) -- South Korean stocks finished 0.72 percent lower
Wednesday to close at a nearly two-month low on continued anxieties over a U.S.
plan to tighten bank regulations. The local currency rose against the U.S.
dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) declined 11.86 points to
end at 1,625.48, extending its losing streak to a fourth session. Volume was
moderate at 439.8 million shares, worth 5.6 trillion won (US$4.8 billion) with
losers outnumbering gainers 486 to 287.
The four-day losses brought the key index to its lowest level since the 1624.76
close on Dec. 24.
At one point in late morning, the broad stock index dropped more than 1 percent
on reports that South Korea fired off several canons into the air after the North
shot artillery shells over waters near the inter-Korean sea border.
The market promptly rebounded after reports came in that no damage was incurred
in the brief exchange.
"Exchanges of artillery rounds with North Korea worsened investor sentiment which
had been down due to America's moves to tighten expansionary measures including a
plan to regulate banks," said Kwak Joong-bo, an analyst at Hana Daetoo
Securities.
Information technology firms led the overall pullback with LG Electronics sliding
1.85 percent to 106,000 won. The loss came despite the electronics giant's
fourth-quarter operating profit of 446.7 billion won, a four-fold expansion from
a year earlier.
The world's top memory-chip maker Samsung Electronics also dropped 1.84 percent
to settle at 800,000 won. Samsung Electronics is set to release its
fourth-quarter earnings results on Friday.
POSCO, South Korea's biggest steel producer, fell 2.97 percent to 555,000 won on
concerns China's recent attempt to control lending will hurt outbound shipments
to the world's fastest growing economy.
Leading financial company KB Financial Group, which controls top lender Kookmin
Bank, plunged 3.67 to 49,850 won after two of the firms' non-executive directors
offered to resign amid tension with financial authorities.
The local currency ended at 1,159.9 won to the U.S. dollar, up 3.4 won from
Tuesday, when the unit fell to a one-month low. The gain came after the central
bank said the nation booked an all-time high surplus in its current account last
year.
pbr@yna.co.kr
(END)
Wednesday to close at a nearly two-month low on continued anxieties over a U.S.
plan to tighten bank regulations. The local currency rose against the U.S.
dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) declined 11.86 points to
end at 1,625.48, extending its losing streak to a fourth session. Volume was
moderate at 439.8 million shares, worth 5.6 trillion won (US$4.8 billion) with
losers outnumbering gainers 486 to 287.
The four-day losses brought the key index to its lowest level since the 1624.76
close on Dec. 24.
At one point in late morning, the broad stock index dropped more than 1 percent
on reports that South Korea fired off several canons into the air after the North
shot artillery shells over waters near the inter-Korean sea border.
The market promptly rebounded after reports came in that no damage was incurred
in the brief exchange.
"Exchanges of artillery rounds with North Korea worsened investor sentiment which
had been down due to America's moves to tighten expansionary measures including a
plan to regulate banks," said Kwak Joong-bo, an analyst at Hana Daetoo
Securities.
Information technology firms led the overall pullback with LG Electronics sliding
1.85 percent to 106,000 won. The loss came despite the electronics giant's
fourth-quarter operating profit of 446.7 billion won, a four-fold expansion from
a year earlier.
The world's top memory-chip maker Samsung Electronics also dropped 1.84 percent
to settle at 800,000 won. Samsung Electronics is set to release its
fourth-quarter earnings results on Friday.
POSCO, South Korea's biggest steel producer, fell 2.97 percent to 555,000 won on
concerns China's recent attempt to control lending will hurt outbound shipments
to the world's fastest growing economy.
Leading financial company KB Financial Group, which controls top lender Kookmin
Bank, plunged 3.67 to 49,850 won after two of the firms' non-executive directors
offered to resign amid tension with financial authorities.
The local currency ended at 1,159.9 won to the U.S. dollar, up 3.4 won from
Tuesday, when the unit fell to a one-month low. The gain came after the central
bank said the nation booked an all-time high surplus in its current account last
year.
pbr@yna.co.kr
(END)
