ID :
37949
Tue, 12/30/2008 - 11:30
Auther :
Shortlink :
http://m.oananews.org//node/37949
The shortlink copeid
Seoul shares inch down on bank, builder losses
SEOUL, Dec. 29 (Yonhap) -- South Korean stocks ended lower for a fifth straight session on Monday as investors unloaded banks, builders and other large-cap shares amid a dimmed economic outlook. The local currency sharply rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 0.27 points or 0.02
percent to 1,117.59. Volume was moderate at 308.5 million shares worth 2.58
trillion won (US$2.04 billion), with losers outpacing gainers 527 to 296.
"The market seemed to reflect stocks that don't have dividend payment right,
though the losses were trimmed later by bargain hunting," said Kim Hak-gyun, an
analyst at Korea Investment & Securities. "Investors also stayed reluctant to buy
shares as the economic outlook remained bleak."
Investors could have a right for dividend payments if they held stocks until
Friday here. Since stocks purchased after the deadline doesn't carry the right,
it is usually reflected in market sentiment, dragging down the overall prices.
The National Pension Service, the nation's largest institutional investor, said
earlier that it will trim its investment ratio in equity markets by nearly 10
percentage points for next year, reflecting worldwide bearish stock markets.
Further clouding the market condition, the nation's consumer sentiment plunged to
a 10-year low this month as private spending continued to weaken, hit by the
slumping economy, according to the central bank.
Major shares ended mixed, with banking issues leading the decline. Hana Financial
Group plunged 2.31 percent to 19,000 won, while Korea Exchange Bank closed down
2.9 percent to 6,360 won.
Builders and refinery shares also ended in negative territory. Construction firm
Kumho Industry dived 4.2 percent to 12,550 won and leading refinery SK Energy
declined 3.58 percent to 70,000 won.
Offsetting the downturn, automakers closed sharply higher on massive foreign
buying. No. 1 Hyundai Motor jumped 3.95 percent to 39,500 won, ending its
three-day losing streak. Its affiliate Kia Motors also ended up 3.32 percent to
6,530 won.
The local currency finished at 1,263 won to the dollar, up 36 won from Friday's
close, amid cautions against the government's possible market intervention to
stem the won's decline.
Bond prices, which move inversely to yields, closed higher. The return on
three-year Treasuries fell 0.07 percentage point to 3.61 percent and the
benchmark yield on five-year government bonds declined 0.05 percentage point to
4.02 percent.
kokobj@yna.co.kr
(END)
The benchmark Korea Composite Stock Price Index (KOSPI) fell 0.27 points or 0.02
percent to 1,117.59. Volume was moderate at 308.5 million shares worth 2.58
trillion won (US$2.04 billion), with losers outpacing gainers 527 to 296.
"The market seemed to reflect stocks that don't have dividend payment right,
though the losses were trimmed later by bargain hunting," said Kim Hak-gyun, an
analyst at Korea Investment & Securities. "Investors also stayed reluctant to buy
shares as the economic outlook remained bleak."
Investors could have a right for dividend payments if they held stocks until
Friday here. Since stocks purchased after the deadline doesn't carry the right,
it is usually reflected in market sentiment, dragging down the overall prices.
The National Pension Service, the nation's largest institutional investor, said
earlier that it will trim its investment ratio in equity markets by nearly 10
percentage points for next year, reflecting worldwide bearish stock markets.
Further clouding the market condition, the nation's consumer sentiment plunged to
a 10-year low this month as private spending continued to weaken, hit by the
slumping economy, according to the central bank.
Major shares ended mixed, with banking issues leading the decline. Hana Financial
Group plunged 2.31 percent to 19,000 won, while Korea Exchange Bank closed down
2.9 percent to 6,360 won.
Builders and refinery shares also ended in negative territory. Construction firm
Kumho Industry dived 4.2 percent to 12,550 won and leading refinery SK Energy
declined 3.58 percent to 70,000 won.
Offsetting the downturn, automakers closed sharply higher on massive foreign
buying. No. 1 Hyundai Motor jumped 3.95 percent to 39,500 won, ending its
three-day losing streak. Its affiliate Kia Motors also ended up 3.32 percent to
6,530 won.
The local currency finished at 1,263 won to the dollar, up 36 won from Friday's
close, amid cautions against the government's possible market intervention to
stem the won's decline.
Bond prices, which move inversely to yields, closed higher. The return on
three-year Treasuries fell 0.07 percentage point to 3.61 percent and the
benchmark yield on five-year government bonds declined 0.05 percentage point to
4.02 percent.
kokobj@yna.co.kr
(END)
