ID :
22203
Wed, 10/01/2008 - 20:52
Auther :
Shortlink :
http://m.oananews.org//node/22203
The shortlink copeid
Seoul shares end lower on institutional selling
SEOUL, Oct. 1 (Yonhap) -- South Korean stocks inched down Wednesday as institutional selling overshadowed revived hopes that U.S. lawmakers will salvage a rejected bailout plan, analysts said. The local currency rose against the U.S.dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.39 points, or 0.58
percent, to 1,439.67. Volume was moderate at 299.5 million shares worth 3.84
trillion won (US$3.22 billion), with losers outpacing gainers 405 to 387.
"The key stock index traded weaker amid lingering uncertainty at home and abroad.
Although the Seoul bourse may undergo some volatility for the time being, the
index would prop up the 1,400-point level," said Bae Sung-young, an analyst at
Hyundai Securities.
U.S. stocks soared Tuesday on hopes that lawmakers will likely salvage a US$700
billion proposal to rescue the teetering financial system, which was unexpectedly
rejected on Monday. The Dow Jones industrial average rose 4.68 percent and the
tech-dominated Nasdaq composite index jumped 4.97 percent. The U.S. Senate agreed
to vote on Wednesday night (local time) on the bailout plan, raising hopes for
its passage.
"The outcome of the U.S. Senate's vote on a revised bailout package and a rate
decision by the European Central Bank slated for Thursday would be key events for
affecting the movement of the local bourse," Bae said.
Tech bellwether Samsung Electronics fell 1.11 percent to 533,000 won on worries
over its third-quarter earnings and consumer electronics giant LG Electronics
shed 2.78 percent to 105,000 won.
Reversing earlier gains, No. 2 carmaker Kia Motors shed 2.39 percent to 14,300
won despite reports that unionized workers at the automaker approved a revised
wage deal, ending sporadic partial strikes.
But telecommunication shares, regarded as less vulnerable to economic cycles,
gained ground. Top mobile carrier SK Telecom rose 4.87 percent to 215,500 won.
The local currency closed at 1,187 won to the dollar, up 20 won from Tuesday's
close on U.S. bailout hopes, dealers said. The won tumbled to a 64-month low of
1,207 won to the dollar on Tuesday, spooked by the bailout rejection.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.39 points, or 0.58
percent, to 1,439.67. Volume was moderate at 299.5 million shares worth 3.84
trillion won (US$3.22 billion), with losers outpacing gainers 405 to 387.
"The key stock index traded weaker amid lingering uncertainty at home and abroad.
Although the Seoul bourse may undergo some volatility for the time being, the
index would prop up the 1,400-point level," said Bae Sung-young, an analyst at
Hyundai Securities.
U.S. stocks soared Tuesday on hopes that lawmakers will likely salvage a US$700
billion proposal to rescue the teetering financial system, which was unexpectedly
rejected on Monday. The Dow Jones industrial average rose 4.68 percent and the
tech-dominated Nasdaq composite index jumped 4.97 percent. The U.S. Senate agreed
to vote on Wednesday night (local time) on the bailout plan, raising hopes for
its passage.
"The outcome of the U.S. Senate's vote on a revised bailout package and a rate
decision by the European Central Bank slated for Thursday would be key events for
affecting the movement of the local bourse," Bae said.
Tech bellwether Samsung Electronics fell 1.11 percent to 533,000 won on worries
over its third-quarter earnings and consumer electronics giant LG Electronics
shed 2.78 percent to 105,000 won.
Reversing earlier gains, No. 2 carmaker Kia Motors shed 2.39 percent to 14,300
won despite reports that unionized workers at the automaker approved a revised
wage deal, ending sporadic partial strikes.
But telecommunication shares, regarded as less vulnerable to economic cycles,
gained ground. Top mobile carrier SK Telecom rose 4.87 percent to 215,500 won.
The local currency closed at 1,187 won to the dollar, up 20 won from Tuesday's
close on U.S. bailout hopes, dealers said. The won tumbled to a 64-month low of
1,207 won to the dollar on Tuesday, spooked by the bailout rejection.
