Seoul stocks close down 3.24 pct on U.S. auto woes

SEOUL, March 30 (Yonhap) -- South Korean stocks ended down 3.24 percent Monday on
mounting jitters over troubled U.S. auto makers, analysts said. The local
currency fell sharply against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 40.05 points to
1,197.46, more than wiping out gains booked last week. Volume was moderate at
520.2 million shares worth 4.8 trillion won (US$3.45 billion), with losers
outnumbering gainers 687 to 178.
"The rising possibility of U.S. carmakers' bankruptcies battered the local stock
market amid profit-taking," said Bae Sung-young, an analyst at Hyundai
Securities.
U.S. President Barack Obama said his government will demand more specific
restructuring plans from beleaguered auto giants General Motors and Chrysler and
their bankruptcies are still possible.
Foreign investors turned net sellers, weighing down the key index, following
their nine-session buying streak.
Bank shares took the heaviest beating with KB Financial Group, which controls top
lender Kookmin Bank, sinking 6.63 percent to 33,900 won and Shinhan Financial
Group, the parent of Shinhan Bank, tumbling 8.99 percent to 24,300 won.
Shipbuilders and automakers also lost substantial ground. Hyundai Heavy
Industries, the world's biggest shipmaker, shed 5.71 percent to 198,000 won.
Hyundai Motor closed down 3.81 percent to end at 53,000 won.
Market leader Samsung Electronics fell 2.91 percent to 567,000 won.
The won finished at 1,391.5 won against the U.S. dollar, down 42.5 won from
Friday's close, as importers bought the greenback and investor sentiment was hurt
by the U.S. auto woes. The won's tumble came though the Bank of Korea announced
the country's February current account swung to a surplus of US$3.68 billion.
pbr@yna.co.kr
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