ID :
31088
Wed, 11/19/2008 - 16:02
Auther :
Shortlink :
http://m.oananews.org//node/31088
The shortlink copeid
S. Korean shares close 1.87 pct lower
SEOUL, Nov. 19 (Yonhap) -- South Korean stocks closed down 1.87 percent Wednesday as blue chips suffered on worsened U.S. economic indicators and a possible overhaul of local shipbuilding and construction sectors, analysts said.
The local
currency gained against the greenback.
The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 19.34 points to
1,016.82. Volume was moderate at 398.2 million shares worth 4.14 trillion won
(US2.87 billion). Losers outnumbered gainers 616 to 205.
"Worsening data from the U.S. economy and uncertainty in the future of the
shipbuilding and construction sectors, caused by pressure to restructure
themselves, is putting pressure on the key index for the time being," said Bae
Sung-yung, an analyst at Hyundai Securities.
The U.S. Labor Department reported Tuesday that the nation's wholesale prices
plunged by a record amount in October, while the American homebuilders'
confidence index for November dropped to a new all-time low.
Shipbuilders and construction shares led the overall decline as investors feared
that industry-wide restructuring could bring a halt in orders for the near
future. Hyundai Heavy Industries, the world's largest shipyard, fell 3.63 percent
to 146,000 won and leading builder Daewoo Engineering & Construction slipped 1.25
percent to 8,700 won.
Steel and heavy machinery issues also finished in the minus column. Top
steelmaker POSCO tumbled 1.5 percent to 295,500 won and Doosan Heavy Industries
slumped 3.73 percent 54,200 won.
Tech exporters, however, gained ground on bargain hunting. Market heavyweight
Samsung Electronics rose 0.69 percent to 438,000 won and its consumer electronics
rival LG Electronics climbed 1.53 percent to 73,100 won.
The local currency closed at 1,446.5 won to the dollar, up 1.5 won from Tuesday's
close, as offshore investors sold the greenback on a perception that the dollar
may have hit a short-term peak, dealers said.
Bond prices, which move inversely to yields, gained sharply. The return on
three-year Treasuries tumbled 0.2 percentage point to 5.16 percent and the
benchmark yield on five-year government bonds fell 0.24 percentage point to 5.3
percent.
The local
currency gained against the greenback.
The benchmark Korea Composite Stock Price Index (KOSPI) tumbled 19.34 points to
1,016.82. Volume was moderate at 398.2 million shares worth 4.14 trillion won
(US2.87 billion). Losers outnumbered gainers 616 to 205.
"Worsening data from the U.S. economy and uncertainty in the future of the
shipbuilding and construction sectors, caused by pressure to restructure
themselves, is putting pressure on the key index for the time being," said Bae
Sung-yung, an analyst at Hyundai Securities.
The U.S. Labor Department reported Tuesday that the nation's wholesale prices
plunged by a record amount in October, while the American homebuilders'
confidence index for November dropped to a new all-time low.
Shipbuilders and construction shares led the overall decline as investors feared
that industry-wide restructuring could bring a halt in orders for the near
future. Hyundai Heavy Industries, the world's largest shipyard, fell 3.63 percent
to 146,000 won and leading builder Daewoo Engineering & Construction slipped 1.25
percent to 8,700 won.
Steel and heavy machinery issues also finished in the minus column. Top
steelmaker POSCO tumbled 1.5 percent to 295,500 won and Doosan Heavy Industries
slumped 3.73 percent 54,200 won.
Tech exporters, however, gained ground on bargain hunting. Market heavyweight
Samsung Electronics rose 0.69 percent to 438,000 won and its consumer electronics
rival LG Electronics climbed 1.53 percent to 73,100 won.
The local currency closed at 1,446.5 won to the dollar, up 1.5 won from Tuesday's
close, as offshore investors sold the greenback on a perception that the dollar
may have hit a short-term peak, dealers said.
Bond prices, which move inversely to yields, gained sharply. The return on
three-year Treasuries tumbled 0.2 percentage point to 5.16 percent and the
benchmark yield on five-year government bonds fell 0.24 percentage point to 5.3
percent.
