ID :
30930
Tue, 11/18/2008 - 19:11
Auther :
Shortlink :
https://www.oananews.org//node/30930
The shortlink copeid
Seoul shares close 3.91 pct down on U.S. falls
(ATTN: ADDS bond yields at bottom)
SEOUL, Nov. 18 (Yonhap) -- South Korean stocks closed 3.91 percent lower Tuesday as foreign investors and institutions sold large caps on overnight U.S. losses sparked by Citigroup's plan to lay off jobs worldwide, analysts said. The local currency tumbled against the greenback.
The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 42.16 points to
1,036.16. Volume was moderate at 372.4 million shares worth 4.08 trillion won
(US2.82 billion). Losers outnumbered gainers 631 to 194.
"Global markets are looking towards the U.S. market for stability. We'll have to
see how major U.S. indices to be announced this week will turn out to predict the
short term future," said Bae Sung-yung, an analyst at Hyundai Securities.
The U.S. Labor Department is scheduled to release the nation's producer price
index on Tuesday (local time) and the consumer price index on Wednesday. The
latest U.S. housing statistic is scheduled to be announced on Wednesday.
Wall Street tumbled again Monday after Citigroup said it would cut another 53,000
jobs around the world to deal with the fallout from the financial crisis. The Dow
Jones industrial average slumped 2.63 percent and the tech-dominated Nasdaq
composite index slid 2.29 percent.
Large caps were dented across the board, with construction and insurance shares
leading the decline. Daewoo Engineering & Construction tumbled 6.38 percent to
8,810 won and leading non-life insurer Samsung Fire & Marine slumped 4.64 percent
to 185,000 won.
Other blue chips, such as steel and tech exporters, also finished lower. Top
steelmaker POSCO shed 2.91 percent to end at 300,000 won and Samsung Electronics
fell 3.44 percent to 435,000 won. Hynix Semiconductor plunged 11.17 percent to
8,110 won.
The local currency closed at 1,448 won to the dollar, down 39 won from Monday's
close, as offshore investors cut their holdings of local stocks, dealers said.
Bond prices, which move inversely to yields, fell sharply. The return on
three-year Treasuries soared 0.13 percentage point to 5.36 percent and the
benchmark yield on five-year government bonds gained 0.14 percentage point to
5.54 percent.
odissy@yna.co.kr
(END)
SEOUL, Nov. 18 (Yonhap) -- South Korean stocks closed 3.91 percent lower Tuesday as foreign investors and institutions sold large caps on overnight U.S. losses sparked by Citigroup's plan to lay off jobs worldwide, analysts said. The local currency tumbled against the greenback.
The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 42.16 points to
1,036.16. Volume was moderate at 372.4 million shares worth 4.08 trillion won
(US2.82 billion). Losers outnumbered gainers 631 to 194.
"Global markets are looking towards the U.S. market for stability. We'll have to
see how major U.S. indices to be announced this week will turn out to predict the
short term future," said Bae Sung-yung, an analyst at Hyundai Securities.
The U.S. Labor Department is scheduled to release the nation's producer price
index on Tuesday (local time) and the consumer price index on Wednesday. The
latest U.S. housing statistic is scheduled to be announced on Wednesday.
Wall Street tumbled again Monday after Citigroup said it would cut another 53,000
jobs around the world to deal with the fallout from the financial crisis. The Dow
Jones industrial average slumped 2.63 percent and the tech-dominated Nasdaq
composite index slid 2.29 percent.
Large caps were dented across the board, with construction and insurance shares
leading the decline. Daewoo Engineering & Construction tumbled 6.38 percent to
8,810 won and leading non-life insurer Samsung Fire & Marine slumped 4.64 percent
to 185,000 won.
Other blue chips, such as steel and tech exporters, also finished lower. Top
steelmaker POSCO shed 2.91 percent to end at 300,000 won and Samsung Electronics
fell 3.44 percent to 435,000 won. Hynix Semiconductor plunged 11.17 percent to
8,110 won.
The local currency closed at 1,448 won to the dollar, down 39 won from Monday's
close, as offshore investors cut their holdings of local stocks, dealers said.
Bond prices, which move inversely to yields, fell sharply. The return on
three-year Treasuries soared 0.13 percentage point to 5.36 percent and the
benchmark yield on five-year government bonds gained 0.14 percentage point to
5.54 percent.
odissy@yna.co.kr
(END)
