ID :
48470
Mon, 03/02/2009 - 15:59
Auther :
Shortlink :
https://www.oananews.org//node/48470
The shortlink copeid
Seoul stocks fall to 3-month low on currency woes
(ATTN: ADDS bond yields at bottom)
SEOUL, March 2 (Yonhap) -- South Korean stocks closed 4.16 percent lower Monday
as a steep fall in the local currency prompted massive foreign selling, analysts
said. The local currency plunged to a new 11-year low against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) dropped 44.22 points to a
three-month low of 1,018.81. Volume was moderate at 409.26 million shares worth
3.3 trillion won (US$2.1 billion), with losers outpacing gainers 745 to 113. The
index fell as much 4.9 percent at one point.
"Tumbling local currency stoked jitters over the stock market, sending foreign
investors to dump local equities," said Rhyu Yong-suk, an analyst at Hyundai
Securities.
"The U.S. plan to test the health of major banks weighed on the key index,
signaling more foreign selling and a dollar shortage down the road," Rhyu said.
Overseas investors extended their net-selling for a 15th session on the local
market.
Lackluster data contributed to market woes, following a government report that
South Korean exports dropped 17 percent in February, the fourth straight monthly
decline.
Large-cap shares fell across the board, with market heavyweight Samsung
Electronics leading the key index's tumble. The memory chip giant lost 3.14
percent to 462,000 won.
Top shipbuilder Hyundai Heavy Industries sank 6.2 percent to 166,500 won on
shrinking overseas orders.
Banks also closed sharply lower, hit by U.S. banking concerns. Woori Finance
Holdings, which controls Woori Bank, fell 6.22 percent to 5,880 won and KB
Financial Group, the owner of the country's largest lender Kookmin Bank, plunged
4.42 percent to 28,100 won.
Leading builder Hyundai Engineering & Construction inched down 0.39 percent to
51,300 won even after reporting it has clinched a US$47.6 million deal to build a
natural gas plant in eastern Saudi Arabia.
The local currency ended at 1,570.3 won to a new 11-year low against the U.S.
dollar, down 36.3 won from Friday's close on foreign stock dumping and sluggish
export data, dealers said.
Bond prices, which move inversely to yields, fell. The return on three-year
Treasuries climbed 0.05 percentage point to 3.87 percent and the benchmark yield
on five-year government bonds also rose 0.06 percentage point to 4.63 percent.
pbr@yna.co.kr
(END)
SEOUL, March 2 (Yonhap) -- South Korean stocks closed 4.16 percent lower Monday
as a steep fall in the local currency prompted massive foreign selling, analysts
said. The local currency plunged to a new 11-year low against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) dropped 44.22 points to a
three-month low of 1,018.81. Volume was moderate at 409.26 million shares worth
3.3 trillion won (US$2.1 billion), with losers outpacing gainers 745 to 113. The
index fell as much 4.9 percent at one point.
"Tumbling local currency stoked jitters over the stock market, sending foreign
investors to dump local equities," said Rhyu Yong-suk, an analyst at Hyundai
Securities.
"The U.S. plan to test the health of major banks weighed on the key index,
signaling more foreign selling and a dollar shortage down the road," Rhyu said.
Overseas investors extended their net-selling for a 15th session on the local
market.
Lackluster data contributed to market woes, following a government report that
South Korean exports dropped 17 percent in February, the fourth straight monthly
decline.
Large-cap shares fell across the board, with market heavyweight Samsung
Electronics leading the key index's tumble. The memory chip giant lost 3.14
percent to 462,000 won.
Top shipbuilder Hyundai Heavy Industries sank 6.2 percent to 166,500 won on
shrinking overseas orders.
Banks also closed sharply lower, hit by U.S. banking concerns. Woori Finance
Holdings, which controls Woori Bank, fell 6.22 percent to 5,880 won and KB
Financial Group, the owner of the country's largest lender Kookmin Bank, plunged
4.42 percent to 28,100 won.
Leading builder Hyundai Engineering & Construction inched down 0.39 percent to
51,300 won even after reporting it has clinched a US$47.6 million deal to build a
natural gas plant in eastern Saudi Arabia.
The local currency ended at 1,570.3 won to a new 11-year low against the U.S.
dollar, down 36.3 won from Friday's close on foreign stock dumping and sluggish
export data, dealers said.
Bond prices, which move inversely to yields, fell. The return on three-year
Treasuries climbed 0.05 percentage point to 3.87 percent and the benchmark yield
on five-year government bonds also rose 0.06 percentage point to 4.63 percent.
pbr@yna.co.kr
(END)
