ID :
30061
Thu, 11/13/2008 - 17:25
Auther :
Shortlink :
https://www.oananews.org//node/30061
The shortlink copeid
Seoul shares close down 3.15 pct on recession woes
SEOUL, Nov. 13 (Yonhap) -- South Korean stocks ended 3.15 percent lower Thursday as investors were gripped by fears of a global recession, analysts said.
The
local currency plunged against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) declined 35.42 points to
1,088.44, after falling as low as 1,040 in afternoon trading. Volume was heavy at
560.5 million shares worth 5.3 trillion won (US$3.81 billion), with losers
outpacing gainers 697 to 145.
"The key stock index plummeted as investors seemed to believe that gloomy
corporate earnings fanned concerns that the global economy may enter into a
recession," said Kwak Joong-bo, an analyst at Hana Daetoo Securities Co.
"Worries over squeezed liquidity for domestic firms also weighed on the market."
Steep losses caused the Korea Exchange, the bourse operator, to suspend program
trading early on for five minutes after the main index futures prices fell more
than 5 percent. It was the twentieth such emergency break this year.
U.S. stocks nosedived Wednesday as dismal corporate earnings chilled investor
sentiment. The announcement that the Bush administration dropped its plans to buy
sour mortgage assets also raised concerns over the banking sector. The Dow Jones
industrial average tumbled 4.73 percent and the tech-dominated Nasdaq composite
index plunged 5.17 percent.
Most blue chips fell across the board, with steel and finance stocks taking a
plunge. Top steelmaker POSCO fell 6.8 percent to 322,000 won and Woori Finance
Holdings plummeted 14.97 percent to 5,300 won.
Tech and construction issues were also rattled. Samsung Electronics slipped 1.35
percent to 474,000 won and panel giant LG Display tumbled 11.06 percent to 20,100
won after it was fined $400 million by the U.S. government for colluding with
rivals on prices. Leading builder Daewoo Engineering & Construction nosedived
10.95 percent to 8,950 won.
The local currency closed at 1,391.5 won to the dollar, down 32 won from
Wednesday's close, as offshore investors cut their holdings of local stocks,
dealers said.
The
local currency plunged against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) declined 35.42 points to
1,088.44, after falling as low as 1,040 in afternoon trading. Volume was heavy at
560.5 million shares worth 5.3 trillion won (US$3.81 billion), with losers
outpacing gainers 697 to 145.
"The key stock index plummeted as investors seemed to believe that gloomy
corporate earnings fanned concerns that the global economy may enter into a
recession," said Kwak Joong-bo, an analyst at Hana Daetoo Securities Co.
"Worries over squeezed liquidity for domestic firms also weighed on the market."
Steep losses caused the Korea Exchange, the bourse operator, to suspend program
trading early on for five minutes after the main index futures prices fell more
than 5 percent. It was the twentieth such emergency break this year.
U.S. stocks nosedived Wednesday as dismal corporate earnings chilled investor
sentiment. The announcement that the Bush administration dropped its plans to buy
sour mortgage assets also raised concerns over the banking sector. The Dow Jones
industrial average tumbled 4.73 percent and the tech-dominated Nasdaq composite
index plunged 5.17 percent.
Most blue chips fell across the board, with steel and finance stocks taking a
plunge. Top steelmaker POSCO fell 6.8 percent to 322,000 won and Woori Finance
Holdings plummeted 14.97 percent to 5,300 won.
Tech and construction issues were also rattled. Samsung Electronics slipped 1.35
percent to 474,000 won and panel giant LG Display tumbled 11.06 percent to 20,100
won after it was fined $400 million by the U.S. government for colluding with
rivals on prices. Leading builder Daewoo Engineering & Construction nosedived
10.95 percent to 8,950 won.
The local currency closed at 1,391.5 won to the dollar, down 32 won from
Wednesday's close, as offshore investors cut their holdings of local stocks,
dealers said.
