ID :
79138
Wed, 09/09/2009 - 14:57
Auther :
Shortlink :
https://www.oananews.org//node/79138
The shortlink copeid
Seoul stocks close 0.74 pct lower on institutional sell-offs
By Lee Youkyung
SEOUL, Sept. 9 (Yonhap) -- South Korean shares finished 0.74 percent lower Wednesday as institutional investors' broad-based sell-offs offset modest gains among commodities producers, analysts said. The local currency rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) lost 11.92 points to
1,607.77. Volume was moderate at 509 million shares worth 7.4 trillion won
(US$6.04 billion) with losers outnumbering gainers 521 to 293.
"Local institutions sold more stocks than they bought ahead of the expiration of
options and futures tomorrow, creating downside pressure especially for large
caps," said Lee Jae-man, an analyst at Tongyang Securities.
Overall market sentiment, however, was relatively calm before the central bank's
monthly rate-decision meeting on Thursday.
"The key rate is widely expected to be kept on hold at a record low, so the
market is not too worried about the upcoming announcement," Lee added.
Exporters lost the most ground as a strengthening won was expected to weigh down
on their competitiveness in global markets. Top automaker Hyundai Motors Co.
declined 5.78 percent to 106,000 won and its smaller affiliate Kia Motors Corp.
tumbled 6.21 percent to 15,850 won.
Leading tech companies underperformed with consumer electronic giant LG
Electronics plunging 7.96 percent to 133,000 won. LG Display, the world's
second-biggest maker of liquid-crystal-display (LCD) panels, sank 2.79 percent to
36,600 won.
But air carriers finished higher as the strong local currency was expected to
boost their sales. Leading carrier Korean Air advanced 2.28 percent to 42,650 won
and its smaller rival Asiana Airlines rose 0.54 percent to 3,700 won.
Base metals and steel stocks closed stronger as gold price hikes prompted
expectations of a rise in commodity prices. Top steelmaker POSCO added 1.52
percent to 467,000 won while the world's second-biggest zinc smelter Korea Zinc
soared 7.1 percent to 173,500 won. No. 2 Hyundai Steel Co. advanced 2.33 percent
to 79,000 won.
The local currency closed at 1,227 won to the greenback, up 6.2 won from
Tuesday's close, as global stock rallies stoked investors appetite for risk,
dealers said.
ylee@yna.co.kr
(END)
SEOUL, Sept. 9 (Yonhap) -- South Korean shares finished 0.74 percent lower Wednesday as institutional investors' broad-based sell-offs offset modest gains among commodities producers, analysts said. The local currency rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) lost 11.92 points to
1,607.77. Volume was moderate at 509 million shares worth 7.4 trillion won
(US$6.04 billion) with losers outnumbering gainers 521 to 293.
"Local institutions sold more stocks than they bought ahead of the expiration of
options and futures tomorrow, creating downside pressure especially for large
caps," said Lee Jae-man, an analyst at Tongyang Securities.
Overall market sentiment, however, was relatively calm before the central bank's
monthly rate-decision meeting on Thursday.
"The key rate is widely expected to be kept on hold at a record low, so the
market is not too worried about the upcoming announcement," Lee added.
Exporters lost the most ground as a strengthening won was expected to weigh down
on their competitiveness in global markets. Top automaker Hyundai Motors Co.
declined 5.78 percent to 106,000 won and its smaller affiliate Kia Motors Corp.
tumbled 6.21 percent to 15,850 won.
Leading tech companies underperformed with consumer electronic giant LG
Electronics plunging 7.96 percent to 133,000 won. LG Display, the world's
second-biggest maker of liquid-crystal-display (LCD) panels, sank 2.79 percent to
36,600 won.
But air carriers finished higher as the strong local currency was expected to
boost their sales. Leading carrier Korean Air advanced 2.28 percent to 42,650 won
and its smaller rival Asiana Airlines rose 0.54 percent to 3,700 won.
Base metals and steel stocks closed stronger as gold price hikes prompted
expectations of a rise in commodity prices. Top steelmaker POSCO added 1.52
percent to 467,000 won while the world's second-biggest zinc smelter Korea Zinc
soared 7.1 percent to 173,500 won. No. 2 Hyundai Steel Co. advanced 2.33 percent
to 79,000 won.
The local currency closed at 1,227 won to the greenback, up 6.2 won from
Tuesday's close, as global stock rallies stoked investors appetite for risk,
dealers said.
ylee@yna.co.kr
(END)
