ID :
202706
Mon, 08/22/2011 - 10:36
Auther :
Shortlink :
http://m.oananews.org//node/202706
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Seoul shares slump 1.96 pct on foreign, retail sell-offs
SEOUL, Aug. 22 (Yonhap) -- South Korean stocks closed 1.96 percent lower on Monday as foreigners and retail investors dumped shares amid lingering jitters over the U.S. economic growth and the eurozone debt risk. The local currency climbed against the U.S. dollar.
After opening higher, the benchmark Korea Composite Stock Price Index (KOSPI) tumbled 34.18 points to 1,710.7. Trading volume was heavy at 406.8 million shares worth 7.07 trillion won (US$6.52 billion), with losers outnumbering gainers 568 to 279.
"Some had expected a technical rebound after Friday's steep plunge. But the KOSPI again went through a volatile session and closed lower on persistent concerns over U.S. and European woes," said Han Beom-ho, an analyst at Shinhan Investment Corp.
The main stock index plunged 6.22 percent on Friday, marking its worst daily drop since the 2008 global financial crisis.
"There seems to be a limited number of leads that can boost the market. The market is expected to continuously see sluggish moves," Han said.
Key manufacturers led the decline. Top automaker Hyundai Motor lost 5.28 percent to 161,500 won and auto-parts manufacturer Mando dropped 11.3 percent to 153,000 won.
Oil refiners also ended bearish on concerns a grim global economic outlook would dent their profits. Industry leader SK Innovation sank 7.69 percent to 132,000 won and smaller player Honam Petrochemical nosedived 14.87 percent to 300,500 won.
In contrast, techs and utilities outperformed the market with market bellwether Samsung Electronics gaining 1.62 percent to 691,000 won and Korea Electric Power Corp. jumping 6.95 percent to 22,300 won. Korea Gas Corp. climbed 6.32 percent to 35,350 won.
"Korea Gas's earnings are comparatively less sensitive to swings in the economy. The recent fall in global oil costs, which comes amid global economic uncertainty, also bodes well for the company's earnings," Lee Chang-mok, an analyst at Woori Investment & Securities Co., said in a report.
Other blue chips also closed bullish with top steelmaker POSCO gaining 1.44 percent to 387,500 won and No. 2 financial group KB Financial Group adding 2.06 percent to 42,200 won.
The local currency closed at 1,083.8 won against the greenback, up 3.6 won from Friday's close, on exporter demand for settlements, dealers said.
mil@yna.co.kr
After opening higher, the benchmark Korea Composite Stock Price Index (KOSPI) tumbled 34.18 points to 1,710.7. Trading volume was heavy at 406.8 million shares worth 7.07 trillion won (US$6.52 billion), with losers outnumbering gainers 568 to 279.
"Some had expected a technical rebound after Friday's steep plunge. But the KOSPI again went through a volatile session and closed lower on persistent concerns over U.S. and European woes," said Han Beom-ho, an analyst at Shinhan Investment Corp.
The main stock index plunged 6.22 percent on Friday, marking its worst daily drop since the 2008 global financial crisis.
"There seems to be a limited number of leads that can boost the market. The market is expected to continuously see sluggish moves," Han said.
Key manufacturers led the decline. Top automaker Hyundai Motor lost 5.28 percent to 161,500 won and auto-parts manufacturer Mando dropped 11.3 percent to 153,000 won.
Oil refiners also ended bearish on concerns a grim global economic outlook would dent their profits. Industry leader SK Innovation sank 7.69 percent to 132,000 won and smaller player Honam Petrochemical nosedived 14.87 percent to 300,500 won.
In contrast, techs and utilities outperformed the market with market bellwether Samsung Electronics gaining 1.62 percent to 691,000 won and Korea Electric Power Corp. jumping 6.95 percent to 22,300 won. Korea Gas Corp. climbed 6.32 percent to 35,350 won.
"Korea Gas's earnings are comparatively less sensitive to swings in the economy. The recent fall in global oil costs, which comes amid global economic uncertainty, also bodes well for the company's earnings," Lee Chang-mok, an analyst at Woori Investment & Securities Co., said in a report.
Other blue chips also closed bullish with top steelmaker POSCO gaining 1.44 percent to 387,500 won and No. 2 financial group KB Financial Group adding 2.06 percent to 42,200 won.
The local currency closed at 1,083.8 won against the greenback, up 3.6 won from Friday's close, on exporter demand for settlements, dealers said.
mil@yna.co.kr
