Seoul shares end down 4.11 pct on economic woes

SEOUL, Feb. 17 (Yonhap) -- South Korean stocks closed 4.11 percent lower Tuesday
as exporters were battered by continuing fears about the global economic
slowdown, analysts said. The local currency fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 48.28 points to
1,127.19. Volume was moderate at 532.33 million shares worth 4.63 trillion won
(US$2.89 billion), with losers outpacing gainers 750 to 98.
"Investors remained wary of exports to the U.S. market amid rising unemployment
and weak consumer spending," said Choi Jae-shik, an analyst at Daeshin
Securities. "The economic and financial challenges facing global markets indicate
that circumstances for Korean exporters are not likely to improve soon."
Major exporters lost ground. Market leader Samsung Electronics fell 2.68 percent
to 490,500 won and its local rival LG Electronics lost 3.29 percent to 73,600
won. Panel maker LG Display also dived 3.9 percent to 25,900 won.
Leading shipbuilders also took a beating with Hyundai Heavy Industries falling
6.19 percent to 204,500 won and Daewoo Shipbuilding & Marine Engineering falling
6.69 percent to 22,300 won.
The local currency closed at 1,455.5 won to the dollar, down 28 won from Monday's
close, as foreign investors unloaded local shares, dealers said.
ygkim@yna.co.kr
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