Seoul stocks fall 1.83 pct on U.S. losses

SEOUL, Jan. 8 (Yonhap) -- South Korean stocks dropped 1.83 percent Thursday as
investor sentiment was buffeted by overnight U.S. losses, analysts said. The
local currency fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) shed 22.47 points to
1,205.7, snapping a five-day gaining streak. Volume was heavy at 466.6 million
shares worth 5.72 trillion won (US$4.36 billion), with losers outpacing gainers
529 to 306.
"Hit by Wall Street losses, investors shifted their focus to worries that
fourth-quarter corporate earnings may be worse than expected," said Lee
Seung-woo, an analyst at Daewoo Securities.
U.S. shares lost ground Wednesday as big companies warned of weak earnings and
data showed a surge in unemployment. The Dow Jones industrial average shed 2.72
percent and the tech-heavy Nasdaq plunged 3.23 percent.
Market leader Samsung Electronics lost 3.05 percent to 508,000 won and LG
Electronics also slid 1.9 percent to 82,500 won. Hynix Semiconductor, however,
surged 6.02 percent to 7,930 won following a market report saying the world's
second-biggest chip-maker is undervalued.
Top steel maker POSCO tumbled 4.19 percent to 412,000 won and Hyundai Motor
dropped 4.01 percent to 47,900 won.
Shares of Kumho Asiana Group affiliates soared after the conglomerate said
Tuesday it has sold an office building for 240 billion won to increase liquidity.
Korea Kumho Petro Chemical jumped 9.91 percent to 2,250 won and construction unit
Daewoo Engineering & Construction gained 6.82 percent to 11,750 won. Asiana
Airlines also surged 2.33 percent to 3,960 won.
The local currency finished at 1,333 won to the dollar, down 40.5 won from
Wednesday's close, as foreign investors shed the won after selling local shares
following six sessions of net buying.
pbr@yna.co.kr
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