ID :
86902
Fri, 10/30/2009 - 22:56
Auther :
Shortlink :
https://www.oananews.org//node/86902
The shortlink copeid
Seoul shares end 0.33 pct lower on institutional sell-offs
SEOUL, Oct. 30 (Yonhap) -- South Korean stocks closed 0.33 percent lower Friday
as institutional sell-offs outweighed optimism about an economic recovery fueled
by strong U.S. growth data, analysts said. The local currency rose against the
U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 5.16 points to
1,580.69. Volume was moderate at 268.7 million shares worth 4.72 trillion won
(US$4.22 billion), with gainers outnumbering losers 496 to 286.
"The KOSPI got off to a brisk start following overnight gains in U.S. markets,
but it lost momentum as institutions went on a selling spree and buying by
foreign investors remained weak," said Kwak Joong-bo, an analyst at Hana Daetoo
Securities Co.
He said the Seoul bourse would likely trade weaker next week as investors are
expected to await the results of rate decisions in major advanced economies for a
hint about the possible timing of winding back emergency steps.
The KOSPI climbed as much as 1.22 percent at one point, mirroring Wall Street
gains, but it was later weighed down by institutional sell-offs. Despite Korea's
robust industrial output reports, the stock index closed lower as market players
already priced in hopes for a fast economic recovery, analysts said.
Carmakers sharply lost ground on profit-taking. Top automaker Hyundai Motor
declined 4.78 percent to 109,500 won and its affiliate Kia Motors shed 1.1
percent to 18,000 won.
Most large caps traded in negative territory. Chip giant Hynix Semiconductor lost
1.9 percent to 18,050 won and top financial services company KB Financial Group
fell 1.51 percent to 58,800 won.
But market bellwether Samsung Electronics rose 0.7 percent to 723,000 won on the
back of stellar earnings. Samsung Electronics said earlier in the day its
third-quarter earnings more than tripled to a record high on increased prices for
computer memory chips and strong sales of mobile phones and flat-screen TVs.
U.S markets gained ground Thursday on the back of better-than-expected growth
data. The U.S. said its gross domestic product grew at an annual rate of 3.5
percent in the third quarter, sending the Down Jones industrial average 2.25
percent higher.
The local currency ended at 1,182.5 won against the greenback, up 13.5 won from
Thursday's close, as strong growth data in the world's largest economy revived
investors' appetite for risky assets, dealers said.
sooyeon@yna.co.kr
(END)
as institutional sell-offs outweighed optimism about an economic recovery fueled
by strong U.S. growth data, analysts said. The local currency rose against the
U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 5.16 points to
1,580.69. Volume was moderate at 268.7 million shares worth 4.72 trillion won
(US$4.22 billion), with gainers outnumbering losers 496 to 286.
"The KOSPI got off to a brisk start following overnight gains in U.S. markets,
but it lost momentum as institutions went on a selling spree and buying by
foreign investors remained weak," said Kwak Joong-bo, an analyst at Hana Daetoo
Securities Co.
He said the Seoul bourse would likely trade weaker next week as investors are
expected to await the results of rate decisions in major advanced economies for a
hint about the possible timing of winding back emergency steps.
The KOSPI climbed as much as 1.22 percent at one point, mirroring Wall Street
gains, but it was later weighed down by institutional sell-offs. Despite Korea's
robust industrial output reports, the stock index closed lower as market players
already priced in hopes for a fast economic recovery, analysts said.
Carmakers sharply lost ground on profit-taking. Top automaker Hyundai Motor
declined 4.78 percent to 109,500 won and its affiliate Kia Motors shed 1.1
percent to 18,000 won.
Most large caps traded in negative territory. Chip giant Hynix Semiconductor lost
1.9 percent to 18,050 won and top financial services company KB Financial Group
fell 1.51 percent to 58,800 won.
But market bellwether Samsung Electronics rose 0.7 percent to 723,000 won on the
back of stellar earnings. Samsung Electronics said earlier in the day its
third-quarter earnings more than tripled to a record high on increased prices for
computer memory chips and strong sales of mobile phones and flat-screen TVs.
U.S markets gained ground Thursday on the back of better-than-expected growth
data. The U.S. said its gross domestic product grew at an annual rate of 3.5
percent in the third quarter, sending the Down Jones industrial average 2.25
percent higher.
The local currency ended at 1,182.5 won against the greenback, up 13.5 won from
Thursday's close, as strong growth data in the world's largest economy revived
investors' appetite for risky assets, dealers said.
sooyeon@yna.co.kr
(END)
