ID :
82490
Wed, 09/30/2009 - 21:30
Auther :
Shortlink :
https://www.oananews.org//node/82490
The shortlink copeid
Seoul stocks end 1 pct lower on shipbuilder plunges
By Park Bo-ram
SEOUL, Sept. 30 (Yonhap) -- South Korean stocks finished 1 percent lower
Wednesday as shipbuilders took a beating on fears about a French shipper's
cancellation of vessel orders, analysts said. The local currency rose against the
U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) slumped 16.91 points to
end at 1,673.14, the fifth fall in six sessions. Volume was light at 357.4
million shares worth 7.82 trillion won (US$6.64 billion) with losers outnumbering
gainers 543 to 268.
After opening higher on auto and steelmaker gains, the key stock index reversed
course as reports that ailing French shipping line CMA CGM may cancel vessel
orders with local shipbuilders as part of a debt restructuring plan.
"News on the French shipper's debt restructuring pounded local shipmakers," said
Lee Kyung-soo, an analyst at Taurus Investment & Securities. "The negative news
also triggered heavy selling as investors scrambled to lock in cash ahead of the
local Chuseok holiday."
Leading the overall market plunge, Hyundai Heavy Industries, the world's largest
shipbuilder, shed 9.55 percent to 180,000 won with second-ranked Samsung Heavy
Industries sliding 6.23 percent to 25,600 won. Daewoo Shipbuilding & Marine
Engineering also plummeted 9.47 percent to settle at 17,200 won.
Shipping lines were also weighed down as the plight of CMA CGM touched off
jitters. No. 1 bulk carrier STX Pan Ocean lost 5.65 percent to 10,850 won and top
container shipper Hanjin Shipping tumbled 9.47 percent to 20,550 won.
Defensive shares, which tend to remain stable even under difficult economic
situations, gained ground with top wireless carrier SK Telecom gaining 1.67
percent to 182,500 won. Korea Electric Power climbed 1.13 percent to 35,800 won.
The local currency ended at 1,178.1 won to the U.S. dollar, up 7.8 won from
Tuesday's close. The local unit rose to the strongest level for this year as
solidifying consumer confidence and continued current account surpluses increased
demand for the South Korean won, dealers said.
pbr@yna.co.kr
(END)
SEOUL, Sept. 30 (Yonhap) -- South Korean stocks finished 1 percent lower
Wednesday as shipbuilders took a beating on fears about a French shipper's
cancellation of vessel orders, analysts said. The local currency rose against the
U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) slumped 16.91 points to
end at 1,673.14, the fifth fall in six sessions. Volume was light at 357.4
million shares worth 7.82 trillion won (US$6.64 billion) with losers outnumbering
gainers 543 to 268.
After opening higher on auto and steelmaker gains, the key stock index reversed
course as reports that ailing French shipping line CMA CGM may cancel vessel
orders with local shipbuilders as part of a debt restructuring plan.
"News on the French shipper's debt restructuring pounded local shipmakers," said
Lee Kyung-soo, an analyst at Taurus Investment & Securities. "The negative news
also triggered heavy selling as investors scrambled to lock in cash ahead of the
local Chuseok holiday."
Leading the overall market plunge, Hyundai Heavy Industries, the world's largest
shipbuilder, shed 9.55 percent to 180,000 won with second-ranked Samsung Heavy
Industries sliding 6.23 percent to 25,600 won. Daewoo Shipbuilding & Marine
Engineering also plummeted 9.47 percent to settle at 17,200 won.
Shipping lines were also weighed down as the plight of CMA CGM touched off
jitters. No. 1 bulk carrier STX Pan Ocean lost 5.65 percent to 10,850 won and top
container shipper Hanjin Shipping tumbled 9.47 percent to 20,550 won.
Defensive shares, which tend to remain stable even under difficult economic
situations, gained ground with top wireless carrier SK Telecom gaining 1.67
percent to 182,500 won. Korea Electric Power climbed 1.13 percent to 35,800 won.
The local currency ended at 1,178.1 won to the U.S. dollar, up 7.8 won from
Tuesday's close. The local unit rose to the strongest level for this year as
solidifying consumer confidence and continued current account surpluses increased
demand for the South Korean won, dealers said.
pbr@yna.co.kr
(END)
