Seoul shares close down 1.42 pct on U.S. banking woes

SEOUL, Feb. 16 (Yonhap) -- South Korean stocks ended 1.42 percent lower Monday as
investor sentiment was hurt by growing jitters about U.S. bank earnings, analysts
said. The local currency fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) declined 16.97 points to
1,175.47. Volume was moderate at 501.99 million shares worth 4.1 trillion won
(US$2.89 billion), with losers outpacing gainers 457 to 355.
"The Seoul bourse was lower as the U.S. banking sector faced fresh pressure amid
worsening conditions in the world's largest economy," said Sung Jin-kyung, an
analyst at Daeshin Securities Co.
Top U.S. banks Citigroup and JPMorgan Chase imposed moratoriums on home mortgage
foreclosures on Friday to ease the burden on homeowners amid a severe slump,
overshadowing optimism about the Obama administration's economic stimulus.
Most blue chips fell with steel and finance stocks taking a plunge. Top
steelmaker POSCO fell 3.86 percent to 361,000 won and Samsung Electronics lost
1.37 percent to 504,000 won.
KB Financial Group, which controls top lender Kookmin Bank, also plummeted 3.74
percent to 32,150 won, while Shinhan Financial Group also lost 1.97 to 27,350
won.
The local currency closed at 1,427.5 won to the dollar, down 23.3 won from
Friday's close, as foreign investors unloaded local shares, dealers said.
ygkim@yna.co.kr
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