ID :
25820
Tue, 10/21/2008 - 18:45
Auther :
Shortlink :
https://www.oananews.org//node/25820
The shortlink copeid
Seoul shares end lower on doubts over bank plan
SEOUL, Oct. 21 (Yonhap) -- South Korean stocks closed lower Tuesday as institutional selling continued and investors remained doubtful about the effectiveness of the government's financial stabilization package, analysts said.
The local currency fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) declined 11.53 points, or
0.95 percent, to 1,196.1. Volume was moderate at 380 million shares worth 4.66
trillion won (US$3.53 billion), with losers outpacing gainers 496 to 325.
"Although global markets gained ground on hopes of easing of the frozen credit
market, investors lacked confidence about the Seoul market due to negative
domestic factors," said Bae Sung-young, an analyst at Hyundai Securities Co.
On Sunday, the government unveiled sweeping measures aimed at providing
three-year state guarantees for banks' foreign debts worth up to US$100 billion
and injecting $30 billion into dollar-starved banks and companies.
"Despite the announcement of the rescue plan, some investors had doubts over its
effectiveness," Bae added.
The key stock index started stronger, mirroring a pickup in U.S. markets, but
began to cut earlier gains in the morning session, dipping 2.13 percent at one
point.
Most builders lost ground. Investors are awaiting the announcement of government
measures to boost the slumping construction sector. Top construction firm Daewoo
Engineering & Construction shed 0.85 percent to 11,650 won.
Tech blue chips also traded in negative territory. Market leader Samsung
Electronics fell 0.38 percent to 519,000 won and chip giant Hynix Semiconductor
lost 6.84 percent to 14,300 won.
U.S. stocks jumped Monday after Federal Reserve Chairman Ben Bernanke backed the
government stimulus package. The Dow Jones industrial average soared 4.67 percent
and the tech-dominated Nasdaq composite index climbed 3.43 percent.
The local currency closed at 1,320.1 won to the dollar, down 5.10 won from
Monday's close, as dollar demand remained strong by importers and foreign stock
investors, dealers said.
sooyeon@yna.co.kr
(END)
The local currency fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) declined 11.53 points, or
0.95 percent, to 1,196.1. Volume was moderate at 380 million shares worth 4.66
trillion won (US$3.53 billion), with losers outpacing gainers 496 to 325.
"Although global markets gained ground on hopes of easing of the frozen credit
market, investors lacked confidence about the Seoul market due to negative
domestic factors," said Bae Sung-young, an analyst at Hyundai Securities Co.
On Sunday, the government unveiled sweeping measures aimed at providing
three-year state guarantees for banks' foreign debts worth up to US$100 billion
and injecting $30 billion into dollar-starved banks and companies.
"Despite the announcement of the rescue plan, some investors had doubts over its
effectiveness," Bae added.
The key stock index started stronger, mirroring a pickup in U.S. markets, but
began to cut earlier gains in the morning session, dipping 2.13 percent at one
point.
Most builders lost ground. Investors are awaiting the announcement of government
measures to boost the slumping construction sector. Top construction firm Daewoo
Engineering & Construction shed 0.85 percent to 11,650 won.
Tech blue chips also traded in negative territory. Market leader Samsung
Electronics fell 0.38 percent to 519,000 won and chip giant Hynix Semiconductor
lost 6.84 percent to 14,300 won.
U.S. stocks jumped Monday after Federal Reserve Chairman Ben Bernanke backed the
government stimulus package. The Dow Jones industrial average soared 4.67 percent
and the tech-dominated Nasdaq composite index climbed 3.43 percent.
The local currency closed at 1,320.1 won to the dollar, down 5.10 won from
Monday's close, as dollar demand remained strong by importers and foreign stock
investors, dealers said.
sooyeon@yna.co.kr
(END)
