ID :
31408
Fri, 11/21/2008 - 11:07
Auther :
Shortlink :
https://www.oananews.org//node/31408
The shortlink copeid
Seoul shares plummet 6.7 pct on U.S. losses
(ATTN: ADDS bond yields at bottom)
SEOUL, Nov. 20 (Yonhap) -- South Korean stocks nosedived 6.7 percent Thursday as overnight Wall Street plunges triggered a selling spree, analysts said. The local currency plunged to a 10-year low against the greenback.
The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 68.13 points to
948.69. Volume was moderate at 419.18 million shares worth 3.88 trillion won
(US2.6 billion). Losers outnumbered gainers 791 to 66.
The Korea Exchange, the nation's bourse operator, suspended program trading early
on for five minutes after the main index futures prices fell more than 5 percent.
"Massive Wall Street losses are creating ripples around the globe, with finance,
construction and shipyards taking major beatings on the local bourse," said Lim
Dong-min, an analyst at Dongbu Securities.
U.S. stocks hit their lowest level since 2003 on Wednesday amid a dour economic
outlook from the Federal Reserve and worries over the fate of the nation's top
three automakers. The Dow Jones industrial average plunged 5.07 percent and the
tech-dominated Nasdaq composite index plummeted 6.53 percent.
Builders suffered the most on growing concerns that commercial lenders' liquidity
program for flagging small builders might derail. Major construction firms posted
double-digit losses, with top builder Daewoo Engineering & Construction tumbling
12.18 percent to 7,640 won and Hyundai Engineering & Construction losing 14.95
percent to end at 42,100 won.
Financial shares were also rattled hard. Shinhan Financial Group plunged 9.74
percent to 26,400 won and Woori Finance Holdings lost 10.62 percent to 5,050 won.
Hynix, the world's second-largest computer memory chip maker, fell 14.91 percent
to 6,390 after UBS AG cut its rating to "sell," citing sluggish demand forecast
for memory chips down the road. Samsung Electronics fell 3.42 pct to 423,000 won.
The local currency closed at 1,497 won to the dollar, down 50.50 won from
Wednesday's close, as offshore investors dumped the won after selling off local
shares. It was the lowest level against the dollar since March 1998.
Choi Jong-ku of the finance ministry's international financial division said that
growing volatility in the local currency market is "excessive" and South Korea
will take necessary actions to stabilize it.
Bond prices, which move inversely to yields, edged up. The return on three-year
Treasuries dropped 0.01 percentage point to 5.15 percent and the benchmark yield
on five-year government bonds retreated 0.01 percentage point to 5.29 percent.
odissy@yna.co.kr
(END)
SEOUL, Nov. 20 (Yonhap) -- South Korean stocks nosedived 6.7 percent Thursday as overnight Wall Street plunges triggered a selling spree, analysts said. The local currency plunged to a 10-year low against the greenback.
The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 68.13 points to
948.69. Volume was moderate at 419.18 million shares worth 3.88 trillion won
(US2.6 billion). Losers outnumbered gainers 791 to 66.
The Korea Exchange, the nation's bourse operator, suspended program trading early
on for five minutes after the main index futures prices fell more than 5 percent.
"Massive Wall Street losses are creating ripples around the globe, with finance,
construction and shipyards taking major beatings on the local bourse," said Lim
Dong-min, an analyst at Dongbu Securities.
U.S. stocks hit their lowest level since 2003 on Wednesday amid a dour economic
outlook from the Federal Reserve and worries over the fate of the nation's top
three automakers. The Dow Jones industrial average plunged 5.07 percent and the
tech-dominated Nasdaq composite index plummeted 6.53 percent.
Builders suffered the most on growing concerns that commercial lenders' liquidity
program for flagging small builders might derail. Major construction firms posted
double-digit losses, with top builder Daewoo Engineering & Construction tumbling
12.18 percent to 7,640 won and Hyundai Engineering & Construction losing 14.95
percent to end at 42,100 won.
Financial shares were also rattled hard. Shinhan Financial Group plunged 9.74
percent to 26,400 won and Woori Finance Holdings lost 10.62 percent to 5,050 won.
Hynix, the world's second-largest computer memory chip maker, fell 14.91 percent
to 6,390 after UBS AG cut its rating to "sell," citing sluggish demand forecast
for memory chips down the road. Samsung Electronics fell 3.42 pct to 423,000 won.
The local currency closed at 1,497 won to the dollar, down 50.50 won from
Wednesday's close, as offshore investors dumped the won after selling off local
shares. It was the lowest level against the dollar since March 1998.
Choi Jong-ku of the finance ministry's international financial division said that
growing volatility in the local currency market is "excessive" and South Korea
will take necessary actions to stabilize it.
Bond prices, which move inversely to yields, edged up. The return on three-year
Treasuries dropped 0.01 percentage point to 5.15 percent and the benchmark yield
on five-year government bonds retreated 0.01 percentage point to 5.29 percent.
odissy@yna.co.kr
(END)
