ID :
22368
Fri, 10/03/2008 - 09:08
Auther :
Shortlink :
http://m.oananews.org//node/22368
The shortlink copeid
Seoul shares fall 1.39 pct on economic woes
(ATTN: ADDS bond yields at bottom)
SEOUL, Oct. 2 (Yonhap) -- South Korean stocks declined 1.39 percent Thursday as growing concerns over the global economy outweighed relief from the passage of the U.S. financial sector bailout bill, analysts said.
The local currency tumbled a 65-month low against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) declined 20.02 points to
1,419.65. Volume was moderate at 307 million shares worth 4.1 trillion won
(US$3.36 billion), with losers outpacing gainers 573 to 234.
"There seemed to be some doubts over whether the rescue plan would be passed in
the U.S. House despite relief from the passage in the Senate. In addition, weaker
U.S. economic data added to worries over a global economic slowdown," said Lee
Sun-yup, an analyst at Goodmorning Shinhan Securities Co.
Lee said investors also took a breather ahead of National Foundation Day which
falls on Friday. South Korea's financial markets will be closed on the holiday.
The U.S. Senate passed a revised $700 billion financial sector bailout bill on
Wednesday (local time). On Monday, the House of Representatives unexpectedly
rejected an original version of the rescue package, which sent global stock
markets tumbling.
Tech bellwether Samsung Electronics fell 0.94 percent to 528,000 won and top
steelmaker POSCO lost 4.81 percent to 415,500 won.
Financial shares also traded weaker with No. 2 financial services company Shinhan
Financial Group falling 1.2 percent to 41,300 won.
Daewoo Shipbuilding & Marine Engineering Co., the world's third-largest shipyard,
tumbled 7.1 percent to 26,150 won after South Korea's pension fund said it has
decided to scrap its plan to bid for the shipyard. The National Pension Service
had been in talks with POSCO, GS Group and Hanwha Group to choose a partner for
the acquisition of Daewoo Shipbuilding.
The local currency closed at 1,223.5 won to the dollar, down 36.5 won from
Wednesday's close, as offshore investors and importers snapped up the dollar,
shrugging off the passage of the bailout bill in the Senate, dealers said.
Bond prices, which move inversely to yields, rose after the government said it
will supply $5 billion in foreign currency to small and medium-sized exporters
starting next week. The return on three-year Treasuries declined 0.05 percentage
point to 5.7 percent and the benchmark yield on five-year government bonds also
fell 0.05 percentage point to 5.72 percent.
sooyeon@yna.co.kr
(END)
SEOUL, Oct. 2 (Yonhap) -- South Korean stocks declined 1.39 percent Thursday as growing concerns over the global economy outweighed relief from the passage of the U.S. financial sector bailout bill, analysts said.
The local currency tumbled a 65-month low against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) declined 20.02 points to
1,419.65. Volume was moderate at 307 million shares worth 4.1 trillion won
(US$3.36 billion), with losers outpacing gainers 573 to 234.
"There seemed to be some doubts over whether the rescue plan would be passed in
the U.S. House despite relief from the passage in the Senate. In addition, weaker
U.S. economic data added to worries over a global economic slowdown," said Lee
Sun-yup, an analyst at Goodmorning Shinhan Securities Co.
Lee said investors also took a breather ahead of National Foundation Day which
falls on Friday. South Korea's financial markets will be closed on the holiday.
The U.S. Senate passed a revised $700 billion financial sector bailout bill on
Wednesday (local time). On Monday, the House of Representatives unexpectedly
rejected an original version of the rescue package, which sent global stock
markets tumbling.
Tech bellwether Samsung Electronics fell 0.94 percent to 528,000 won and top
steelmaker POSCO lost 4.81 percent to 415,500 won.
Financial shares also traded weaker with No. 2 financial services company Shinhan
Financial Group falling 1.2 percent to 41,300 won.
Daewoo Shipbuilding & Marine Engineering Co., the world's third-largest shipyard,
tumbled 7.1 percent to 26,150 won after South Korea's pension fund said it has
decided to scrap its plan to bid for the shipyard. The National Pension Service
had been in talks with POSCO, GS Group and Hanwha Group to choose a partner for
the acquisition of Daewoo Shipbuilding.
The local currency closed at 1,223.5 won to the dollar, down 36.5 won from
Wednesday's close, as offshore investors and importers snapped up the dollar,
shrugging off the passage of the bailout bill in the Senate, dealers said.
Bond prices, which move inversely to yields, rose after the government said it
will supply $5 billion in foreign currency to small and medium-sized exporters
starting next week. The return on three-year Treasuries declined 0.05 percentage
point to 5.7 percent and the benchmark yield on five-year government bonds also
fell 0.05 percentage point to 5.72 percent.
sooyeon@yna.co.kr
(END)
