ID :
37521
Fri, 12/26/2008 - 18:36
Auther :
Shortlink :
http://m.oananews.org//node/37521
The shortlink copeid
Seoul stocks fall 0.94 pct on corporate woes
SEOUL, Dec. 26 (Yonhap) -- South Korean shares closed 0.94 percent lower Friday
as concerns over slumping corporate performance and production cuts weighed on
large caps, analysts said. The local currency rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 10.65 points to
1,117.86. Volume was moderate at 332.3 million shares worth 2.94 trillion won
(US$2.26 billion), with losers outpacing gainers 471 to 361.
"Investor sentiment worsened on news of corporate production cuts and sluggish
performances," said Rhyu Yong-suk, an analyst at Hyundai Securities. "Investors
were also lukewarm about the possibility of corporate year-end dividends," Rhyu
said.
Electronics giant Samsung Electronics is expected to record its first loss
operating profit in the fourth quarter since it started releasing quarterly
report in 2000, analysts forecast. It is also reported to shift some production
lines and cut its chip output by 10 percent.
Early this week, Hyundai Motor and Kia Motors slashed their joint 2008 sales
forecast by over 10 percent.
Blue chips fell across the board with market leading Samsung falling 0.87 percent
to 456,000 won. LG Electronics also shed 0.82 percent to end at 72,500 won.
Hynix Semiconductor, however, gained 3.12 percent to 6,930 won following a news
report on Wednesday that its creditor banks decided to pump 800 billion won to
the cash-losing chip maker.
Shipbuilders were hit hard as a sluggish global economy is expected to undercut
their vessel orders. Samsung Heavy Industries lost 5.74 percent to 23,000 won and
Daewoo Shipbuilding & Marine Engineering tumbled 6.21 percent to 15,850 won after
its preferred buyer Hanwha said it will ask the seller Korea Development Bank to
change contract terms to adjust to the worsening funding conditions.
Automakers lost ground with Hyundai Motor falling 4.64 percent to 38,000 won with
its affiliate Kia Motors shedding 2.02 percent to 6,320 won.
The local currency ended at 1,299.55 won to the dollar, up 6.95 won from
Wednesday's close, as the foreign exchange authorities reportedly sold dollars to
shore up the won ahead of year-end book closing, dealers said. The local
financial market was closed Thursday for Christmas Day.
pbr@yna.co.kr
(END)
as concerns over slumping corporate performance and production cuts weighed on
large caps, analysts said. The local currency rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 10.65 points to
1,117.86. Volume was moderate at 332.3 million shares worth 2.94 trillion won
(US$2.26 billion), with losers outpacing gainers 471 to 361.
"Investor sentiment worsened on news of corporate production cuts and sluggish
performances," said Rhyu Yong-suk, an analyst at Hyundai Securities. "Investors
were also lukewarm about the possibility of corporate year-end dividends," Rhyu
said.
Electronics giant Samsung Electronics is expected to record its first loss
operating profit in the fourth quarter since it started releasing quarterly
report in 2000, analysts forecast. It is also reported to shift some production
lines and cut its chip output by 10 percent.
Early this week, Hyundai Motor and Kia Motors slashed their joint 2008 sales
forecast by over 10 percent.
Blue chips fell across the board with market leading Samsung falling 0.87 percent
to 456,000 won. LG Electronics also shed 0.82 percent to end at 72,500 won.
Hynix Semiconductor, however, gained 3.12 percent to 6,930 won following a news
report on Wednesday that its creditor banks decided to pump 800 billion won to
the cash-losing chip maker.
Shipbuilders were hit hard as a sluggish global economy is expected to undercut
their vessel orders. Samsung Heavy Industries lost 5.74 percent to 23,000 won and
Daewoo Shipbuilding & Marine Engineering tumbled 6.21 percent to 15,850 won after
its preferred buyer Hanwha said it will ask the seller Korea Development Bank to
change contract terms to adjust to the worsening funding conditions.
Automakers lost ground with Hyundai Motor falling 4.64 percent to 38,000 won with
its affiliate Kia Motors shedding 2.02 percent to 6,320 won.
The local currency ended at 1,299.55 won to the dollar, up 6.95 won from
Wednesday's close, as the foreign exchange authorities reportedly sold dollars to
shore up the won ahead of year-end book closing, dealers said. The local
financial market was closed Thursday for Christmas Day.
pbr@yna.co.kr
(END)
