ID :
83532
Wed, 10/07/2009 - 18:45
Auther :
Shortlink :
https://www.oananews.org//node/83532
The shortlink copeid
Seoul shares inch down on exporters` losses
By Lee Youkyung
SEOUL, Oct. 7 (Yonhap) -- South Korean stocks closed marginally lower Wednesday
as rallies by commodities producers were offset by falls in tech chips and auto
exporters, analysts said. The local currency inched down against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) dropped 0.44 points, or
0.03 percent, to 1,598, extending its losing streak to a fifth day. Volume was
moderate at 401 million shares worth 6.57 trillion won (US$5.62 billion) with
gainers leading losers 472 to 332.
"The upward momentum earlier in the day slowed, leading to volatile trading,"
said Lee Jae-man, an analyst at Tongyang Securities. "While some investors
purchased shares betting on the upcoming earnings season, retail investors took
profits."
The index showed volatile movement, rising as high as 1.67 percent in early
morning as investors cheered U.S. markets' Tuesday rallies, but the KOSPI fell in
later trading.
South Korea's two computer memory chip makers both finished lower as foreign
investors pocketed profits. Tech giant Samsung Electronics Co. fell 3.09 percent
to 722,000 won despite high hopes for the third quarter, as investors worried
about the exchange rate weighing on its overseas performance in the current
quarter. Hynix Semiconductor declined 1.6 percent to 18,400 won.
Automakers also suffered on export worries as the dollar's weakness continued.
Top automaker Hyundai Motor Co. sank 5.29 percent to 96,600 won and its affiliate
Kia Motors Corp. shed 4.75 percent to 16,050 won.
Commodities producers were the largest winners in local markets as the dollar's
decline prompted global investors to bet on copper, silver, and crude oil sending
their prices up. POSCO, Asia's third largest steel maker, gained 2.01 percent to
482,000 won and Korea Zinc, the second largest zinc smelter in the world,
finished 7.49 percent higher at 179,500 won.
Food producers also closed higher as their stocks were seen to benefit from a
slipping dollar. CJ CheilJedang Corp., the biggest food and drug maker, jumped
6.53 percent to 204,000 won on expectations that it would save costs of importing
ingredients from overseas.
The local currency closed at 1,170.5 won to the greenback, down 0.2 won from
Tuesday's close, as foreign investors turned net buyers of local shares, dealers
said.
ylee@yna.co.kr
(END)
SEOUL, Oct. 7 (Yonhap) -- South Korean stocks closed marginally lower Wednesday
as rallies by commodities producers were offset by falls in tech chips and auto
exporters, analysts said. The local currency inched down against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) dropped 0.44 points, or
0.03 percent, to 1,598, extending its losing streak to a fifth day. Volume was
moderate at 401 million shares worth 6.57 trillion won (US$5.62 billion) with
gainers leading losers 472 to 332.
"The upward momentum earlier in the day slowed, leading to volatile trading,"
said Lee Jae-man, an analyst at Tongyang Securities. "While some investors
purchased shares betting on the upcoming earnings season, retail investors took
profits."
The index showed volatile movement, rising as high as 1.67 percent in early
morning as investors cheered U.S. markets' Tuesday rallies, but the KOSPI fell in
later trading.
South Korea's two computer memory chip makers both finished lower as foreign
investors pocketed profits. Tech giant Samsung Electronics Co. fell 3.09 percent
to 722,000 won despite high hopes for the third quarter, as investors worried
about the exchange rate weighing on its overseas performance in the current
quarter. Hynix Semiconductor declined 1.6 percent to 18,400 won.
Automakers also suffered on export worries as the dollar's weakness continued.
Top automaker Hyundai Motor Co. sank 5.29 percent to 96,600 won and its affiliate
Kia Motors Corp. shed 4.75 percent to 16,050 won.
Commodities producers were the largest winners in local markets as the dollar's
decline prompted global investors to bet on copper, silver, and crude oil sending
their prices up. POSCO, Asia's third largest steel maker, gained 2.01 percent to
482,000 won and Korea Zinc, the second largest zinc smelter in the world,
finished 7.49 percent higher at 179,500 won.
Food producers also closed higher as their stocks were seen to benefit from a
slipping dollar. CJ CheilJedang Corp., the biggest food and drug maker, jumped
6.53 percent to 204,000 won on expectations that it would save costs of importing
ingredients from overseas.
The local currency closed at 1,170.5 won to the greenback, down 0.2 won from
Tuesday's close, as foreign investors turned net buyers of local shares, dealers
said.
ylee@yna.co.kr
(END)
