Seoul stocks end 4.69 pct lower on Dubai woes

SEOUL, Nov. 27 (Yonhap) -- South Korean stocks finished 4.69 percent lower Friday
as investors fretted over debt problems in Dubai, analysts said. The local
currency slid down against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) declined 75.02 points to
end at 1,524.50, carrying its losing streak through a second consecutive session.
Volume was moderate at 380.4 million shares worth 5.38 trillion won (US$4.58
billion) with losers overwhelming gainers 785 to 68.
The market's decline followed reports that Dubai World, a Dubai government
investment fund, has asked creditors for a debt payment deferment.
"Sentiments in the stock market were dented by the news that Dubai World has asked
creditors to postpone its forthcoming payments," said Kwak Joong-bo, an analyst at
Hana Daetoo Securities. "Investors are watching closely, fretting over the Seoul
market's potential exposure to Dubai."
Builders were the biggest losers. Top shipyard Hyundai Heavy Industries fell 8.90
percent to 148,500 won and its rival Doonsan Heavy Industries unloaded 9.36
percent to 54,200 won.
Financial shares followed suit with KB Financial Group, the holding company for
top lender Kookmin Bank, falling 7.08 percent to 56,400 won. Largest financial
company Woori Finance Holding plunged 11.63 percent to end at 13,300 won.
Most blue-chip shares traded in negative territory. Market bellwether Samsung
Electronics lost 4.17 percent to 712,000 won and Hyundai Motor shed 3.86 percent
to 94,600 won.
The local currency ended at 1,175.5 won to the U.S. dollar, down 20.2 percent
from Thursday's close, because of a decreased appetite for riskier currencies,
dealers said.
ygkim@yna.co.kr
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