ID :
55662
Wed, 04/15/2009 - 19:35
Auther :
Shortlink :
https://www.oananews.org//node/55662
The shortlink copeid
Seoul stocks end 0.71 pct lower on economic woes
(ATTN: ADDS bond yields at bottom)
SEOUL, April 15 (Yonhap) -- South Korean stocks fell 0.71 percent Wednesday as
investor hopes for an economic recovery were dented by weak U.S. retail sales,
analysts said. The local currency fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) shed 9.54 points to close
at 1,333.09, ending a four-session gaining streak. Volume was heavy at 798.2
million shares worth 8 trillion won (US$6 billion), with losers outpacing gainers
570 to 270.
"Investors expectations of an economic recovery were eclipsed by glum U.S. March
data on retail sales, the spine of the world's largest economy," said Bae
Sung-young, an analyst at Hyundai Securities.
Sales at American retailers dropped 1.1 percent last month after two months of
gains, casting doubt on an early recovery of the U.S. economy.
Financial stocks led losses, tracking overnight U.S. bank tumbles. KB Financial
Group, the parent of top lender Kookmin Bank, dived 4.46 percent to 37,500 won
and Woori Finance Holding, which controls Woori Bank, lost 4.68 percent to settle
at 9,770 won.
Hyundai Engineering & Construction dipped 8.44 percent to 59,700 won after its
creditors decision to put more stocks up for sale, increasing oversupply
pressures.
Large-cap tech shares, however, gathered ground on upbeat first-quarter earnings
projections. Market-leader Samsung Electronics gained 1.74 percent to 585,000 won
and smaller rival LG Electronics also jumped 1.97 percent to 103,500 won.
Steel makers were also buoyed by strong foreign investor purchases. Top miner
POSCO closed at 389,500 won, up 2.37 percent from Tuesday's close.
The local currency ended at 1,338 won to the dollar, down 14.5 won from Tuesday's
close, as overseas investors cut holdings of local shares, dealers said.
Bond prices, which move inversely to yields, closed higher. The return on
three-year Treasuries inched down 0.03 percentage point to 3.75 percent and the
benchmark yield on five-year government bonds fell 0.04 percentage point to 4.43
percent.
pbr@yna.co.kr
(END)
SEOUL, April 15 (Yonhap) -- South Korean stocks fell 0.71 percent Wednesday as
investor hopes for an economic recovery were dented by weak U.S. retail sales,
analysts said. The local currency fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) shed 9.54 points to close
at 1,333.09, ending a four-session gaining streak. Volume was heavy at 798.2
million shares worth 8 trillion won (US$6 billion), with losers outpacing gainers
570 to 270.
"Investors expectations of an economic recovery were eclipsed by glum U.S. March
data on retail sales, the spine of the world's largest economy," said Bae
Sung-young, an analyst at Hyundai Securities.
Sales at American retailers dropped 1.1 percent last month after two months of
gains, casting doubt on an early recovery of the U.S. economy.
Financial stocks led losses, tracking overnight U.S. bank tumbles. KB Financial
Group, the parent of top lender Kookmin Bank, dived 4.46 percent to 37,500 won
and Woori Finance Holding, which controls Woori Bank, lost 4.68 percent to settle
at 9,770 won.
Hyundai Engineering & Construction dipped 8.44 percent to 59,700 won after its
creditors decision to put more stocks up for sale, increasing oversupply
pressures.
Large-cap tech shares, however, gathered ground on upbeat first-quarter earnings
projections. Market-leader Samsung Electronics gained 1.74 percent to 585,000 won
and smaller rival LG Electronics also jumped 1.97 percent to 103,500 won.
Steel makers were also buoyed by strong foreign investor purchases. Top miner
POSCO closed at 389,500 won, up 2.37 percent from Tuesday's close.
The local currency ended at 1,338 won to the dollar, down 14.5 won from Tuesday's
close, as overseas investors cut holdings of local shares, dealers said.
Bond prices, which move inversely to yields, closed higher. The return on
three-year Treasuries inched down 0.03 percentage point to 3.75 percent and the
benchmark yield on five-year government bonds fell 0.04 percentage point to 4.43
percent.
pbr@yna.co.kr
(END)
