ID :
106273
Fri, 02/12/2010 - 16:34
Auther :
Shortlink :
https://www.oananews.org//node/106273
The shortlink copeid
Seoul shares end 0.26 pct down on foreign, institutional sell-offs
By Lee Youkyung
SEOUL, Feb. 12 (Yonhap) -- South Korean shares closed 0.26 percent lower on
Friday as foreign and institutional investors cut their holdings of technology
and steel shares ahead of a holiday, analysts said. The local currency rose
against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) slid 4.15 points to
1,593.66. Volume was light at 286 million shares worth 4.17 trillion won (US$3.62
billion) with gainers leading losers 424 to 353.
"There are uncertainties that limited large volume of trading," Kim Hyoung-ryoul,
an analyst at NH Investment & Securities. "The Lunar New Year holiday is just
around the corner." The three-day holiday will begin on Saturday.
But retail investors remained net buyers on hopes that European government debt
concerns would find a road to settlement with euro-zone leaders set to meet next
week again.
"Foreign investors reduced trading ahead of the Chinese holidays, but trading may
revive with the upcoming EU summit next week," said Hwang Keum-dan, an analyst at
Samsung Securities.
Tech shares staged a bearish run on sell-offs from institutional and foreign
investors. Market heavyweight Samsung Electronics sank 1.7 percent to 750,000 won
and LG Display, the world's second-largest maker of flat-screens, declined 2.12
percent to 36,900 won.
Hynix Semiconductor, the world's No. 2 maker of computer memory chips, lost 1.59
percent to 21,600 won on reports that its creditors had received no bidders for
stake sales ahead of the Friday deadline. The creditors announced the lack of
bids after the closing bell.
Steelmakers also lost ground, with the world's fourth-largest steelmaker POSCO
dropping 1.29 percent to 534,000 won and smaller rival Hyundai Steel sliding 0.36
percent t0 82,700 won.
Shipbuilders and heavy industry, however, finished higher on expectations that
the sector is set on a recovery path. Top shipbuilder Hyundai Heavy Industries
rose 0.68 percent to 221,500 won.
The local currency closed at 1,151.30 won to the greenback, up 5.50 won from
Thursday's close, as ongoing discussions to help settle Greek debts have revived
risk appetites, dealers said.
ylee@yna.co.kr
(END)
SEOUL, Feb. 12 (Yonhap) -- South Korean shares closed 0.26 percent lower on
Friday as foreign and institutional investors cut their holdings of technology
and steel shares ahead of a holiday, analysts said. The local currency rose
against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) slid 4.15 points to
1,593.66. Volume was light at 286 million shares worth 4.17 trillion won (US$3.62
billion) with gainers leading losers 424 to 353.
"There are uncertainties that limited large volume of trading," Kim Hyoung-ryoul,
an analyst at NH Investment & Securities. "The Lunar New Year holiday is just
around the corner." The three-day holiday will begin on Saturday.
But retail investors remained net buyers on hopes that European government debt
concerns would find a road to settlement with euro-zone leaders set to meet next
week again.
"Foreign investors reduced trading ahead of the Chinese holidays, but trading may
revive with the upcoming EU summit next week," said Hwang Keum-dan, an analyst at
Samsung Securities.
Tech shares staged a bearish run on sell-offs from institutional and foreign
investors. Market heavyweight Samsung Electronics sank 1.7 percent to 750,000 won
and LG Display, the world's second-largest maker of flat-screens, declined 2.12
percent to 36,900 won.
Hynix Semiconductor, the world's No. 2 maker of computer memory chips, lost 1.59
percent to 21,600 won on reports that its creditors had received no bidders for
stake sales ahead of the Friday deadline. The creditors announced the lack of
bids after the closing bell.
Steelmakers also lost ground, with the world's fourth-largest steelmaker POSCO
dropping 1.29 percent to 534,000 won and smaller rival Hyundai Steel sliding 0.36
percent t0 82,700 won.
Shipbuilders and heavy industry, however, finished higher on expectations that
the sector is set on a recovery path. Top shipbuilder Hyundai Heavy Industries
rose 0.68 percent to 221,500 won.
The local currency closed at 1,151.30 won to the greenback, up 5.50 won from
Thursday's close, as ongoing discussions to help settle Greek debts have revived
risk appetites, dealers said.
ylee@yna.co.kr
(END)
