ID :
43370
Fri, 01/30/2009 - 19:14
Auther :
Shortlink :
https://www.oananews.org//node/43370
The shortlink copeid
(LEAD) Seoul stocks down 0.38 pct on recession woes
SEOUL, Jan. 30 (Yonhap) -- South Korean stocks fell 0.38 percent Friday as investors unloaded tech and steel shares amid deepening concerns that the economy is fast heading into a recession, analysts said. The local currency inched down against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) lost 4.45 points to
1,162.11. Volume was moderate at 369.75 million shares worth 3.88 trillion won
(US$2.81 billion), with gainers outpacing losers 467 to 340.
"The market got off to a weak start, affected by overnight pullbacks in U.S.
stocks but it pared early losses as foreigners and institutions hunted for
bargains," said Lee Sun-yup, an analyst at Goodmorning Shinhan Securities.
Investor jitters deepened as many indicators are signaling that the economy is
heading into its first recession in more than a decade.
According to data unveiled earlier by the National Statistical Office, industrial
output contracted 18.6 percent, the steepest fall since related data was compiled
in 1970.
Bank of Korea Gov. Lee Seong-tae said that barring significant improvements in
economic conditions in the first half, it is "certain" that the Korean economy will
post negative growth for this year.
No. 1 mobile carrier SK Telecom fell 2.12 percent to 207,500 won and leading
fixed-line and broadband service provider SK lost 2.81 percent to 39,800 won.
Tech giant Samsung Electronics also shed 2.11 percent to close at 488,000 won.
Steel shares ended lower, with POSCO, the world's fourth-largest steelmaker,
dropping 2.17 percent to 360,000 won. Shipping companies added to the downward
move. Industry leader Hanjin Shipping plunged 3.64 percent to 19,850 won.
Of tech companies, second-ranked chipmaker Hynix Semiconductor was among the few
marked gainers, soaring 12.96 percent to close at 8,980 won. The rally comes
after news that its rival, Toshiba of Japan, might sharply reduce investments
this year, a move observers expect could ease oversupply that drove down chip
prices and dented companies' profitability.
Major brokerage shares also gained ground, helping prevent the market from
further declining. Leading brokerage Samsung Securities and Mirae Asset
Securities both ended higher.
The local currency ended at 1,379.5 won to the dollar, down 1 won from Thursday's
close.
Bond prices, which move inversely to yields, closed sharply lower. The return on
three-year Treasuries jumped 0.18 percentage point to 3.59 percent and the
benchmark yield on five-year government bonds went up 0.16 percentage point to
4.07 percent
kokobj@yna.co.kr
The benchmark Korea Composite Stock Price Index (KOSPI) lost 4.45 points to
1,162.11. Volume was moderate at 369.75 million shares worth 3.88 trillion won
(US$2.81 billion), with gainers outpacing losers 467 to 340.
"The market got off to a weak start, affected by overnight pullbacks in U.S.
stocks but it pared early losses as foreigners and institutions hunted for
bargains," said Lee Sun-yup, an analyst at Goodmorning Shinhan Securities.
Investor jitters deepened as many indicators are signaling that the economy is
heading into its first recession in more than a decade.
According to data unveiled earlier by the National Statistical Office, industrial
output contracted 18.6 percent, the steepest fall since related data was compiled
in 1970.
Bank of Korea Gov. Lee Seong-tae said that barring significant improvements in
economic conditions in the first half, it is "certain" that the Korean economy will
post negative growth for this year.
No. 1 mobile carrier SK Telecom fell 2.12 percent to 207,500 won and leading
fixed-line and broadband service provider SK lost 2.81 percent to 39,800 won.
Tech giant Samsung Electronics also shed 2.11 percent to close at 488,000 won.
Steel shares ended lower, with POSCO, the world's fourth-largest steelmaker,
dropping 2.17 percent to 360,000 won. Shipping companies added to the downward
move. Industry leader Hanjin Shipping plunged 3.64 percent to 19,850 won.
Of tech companies, second-ranked chipmaker Hynix Semiconductor was among the few
marked gainers, soaring 12.96 percent to close at 8,980 won. The rally comes
after news that its rival, Toshiba of Japan, might sharply reduce investments
this year, a move observers expect could ease oversupply that drove down chip
prices and dented companies' profitability.
Major brokerage shares also gained ground, helping prevent the market from
further declining. Leading brokerage Samsung Securities and Mirae Asset
Securities both ended higher.
The local currency ended at 1,379.5 won to the dollar, down 1 won from Thursday's
close.
Bond prices, which move inversely to yields, closed sharply lower. The return on
three-year Treasuries jumped 0.18 percentage point to 3.59 percent and the
benchmark yield on five-year government bonds went up 0.16 percentage point to
4.07 percent
kokobj@yna.co.kr
