ID :
29830
Wed, 11/12/2008 - 22:02
Auther :
Shortlink :
https://www.oananews.org//node/29830
The shortlink copeid
Seoul shares end 0.43 pct lower on financial falls
(ATTN: ADDS bond yields at bottom)
SEOUL, Nov. 12 (Yonhap) -- South Korean stocks closed 0.43 percent lower Wednesday as investors dumped bank and securities shares on worries over a credit squeeze and a global downturn, analysts said. The local currency fell against the U.S. dollar.
After volatile trading, the benchmark Korea Composite Stock Price Index (KOSPI)
declined 4.87 points to 1,123.86. Volume was heavy at 600.2 million shares worth
5 trillion won (US$3.7 billion), with losers outpacing gainers 570 to 250.
"The Seoul bourse underwent a roller-coaster trading session. Foreign investors
dumped local shares from risky emerging assets," said Joo Sang-chul, an analyst
at Kyobo Securities Co. "Bank stocks were under selling pressure as woes over
their asset quality lingered."
The KOSPI dipped below the 1,100-point mark at one point, dented by a selling
spree of foreign investors, but it later gained ground on the back of
institutional buying.
Foreign investors unloaded a net 174.3 billion won worth of local stocks on the
Seoul bourse.
Financial shares lost ground due to lingering concerns over their asset quality
and the Fitch Ratings' downgrade for credit rating outlooks for local banks.
Fitch cut its long- term foreign-currency issuer default ratings outlooks for
local financial firms from "stable" to "negative."
Top financial services company Woori Finance Holdings, whose third-quarter
earnings more than halved, declined 7.85 percent to 6,220 won and KB Financial
Group, the holding company of Kookmin Bank, shed 1.83 percent to 32,100 won.
Leading brokerage Samsung Securities lost 3.11 percent to 62,300 won.
But telecommunication and electricity shares, which were taken as less sensitive
to the economic cycles, gained ground. Top mobile carrier SK Telecom rose 1.59
percent to 223,500 won.
U.S. stocks closed lower Tuesday as worse-than-expected corporate earnings raised
fears about a global recession. The Dow Jones industrial average declined 1.99
percent and the tech-dominated Nasdaq composite index shed 2.22 percent.
The local currency closed at 1,359.5 won to the dollar, down 29.6 won from
Tuesday's close, as offshore investors cut their holdings of local stocks,
dealers said.
Bond prices, which move inversely to yields, ended higher. The return on
three-year Treasuries declined 0.07 percentage point to 4.94 percent while the
benchmark yield on five-year government bonds fell 0.1 percentage point to 5.14
percent.
sooyeon@yna.co.kr
(END)
SEOUL, Nov. 12 (Yonhap) -- South Korean stocks closed 0.43 percent lower Wednesday as investors dumped bank and securities shares on worries over a credit squeeze and a global downturn, analysts said. The local currency fell against the U.S. dollar.
After volatile trading, the benchmark Korea Composite Stock Price Index (KOSPI)
declined 4.87 points to 1,123.86. Volume was heavy at 600.2 million shares worth
5 trillion won (US$3.7 billion), with losers outpacing gainers 570 to 250.
"The Seoul bourse underwent a roller-coaster trading session. Foreign investors
dumped local shares from risky emerging assets," said Joo Sang-chul, an analyst
at Kyobo Securities Co. "Bank stocks were under selling pressure as woes over
their asset quality lingered."
The KOSPI dipped below the 1,100-point mark at one point, dented by a selling
spree of foreign investors, but it later gained ground on the back of
institutional buying.
Foreign investors unloaded a net 174.3 billion won worth of local stocks on the
Seoul bourse.
Financial shares lost ground due to lingering concerns over their asset quality
and the Fitch Ratings' downgrade for credit rating outlooks for local banks.
Fitch cut its long- term foreign-currency issuer default ratings outlooks for
local financial firms from "stable" to "negative."
Top financial services company Woori Finance Holdings, whose third-quarter
earnings more than halved, declined 7.85 percent to 6,220 won and KB Financial
Group, the holding company of Kookmin Bank, shed 1.83 percent to 32,100 won.
Leading brokerage Samsung Securities lost 3.11 percent to 62,300 won.
But telecommunication and electricity shares, which were taken as less sensitive
to the economic cycles, gained ground. Top mobile carrier SK Telecom rose 1.59
percent to 223,500 won.
U.S. stocks closed lower Tuesday as worse-than-expected corporate earnings raised
fears about a global recession. The Dow Jones industrial average declined 1.99
percent and the tech-dominated Nasdaq composite index shed 2.22 percent.
The local currency closed at 1,359.5 won to the dollar, down 29.6 won from
Tuesday's close, as offshore investors cut their holdings of local stocks,
dealers said.
Bond prices, which move inversely to yields, ended higher. The return on
three-year Treasuries declined 0.07 percentage point to 4.94 percent while the
benchmark yield on five-year government bonds fell 0.1 percentage point to 5.14
percent.
sooyeon@yna.co.kr
(END)
