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South Korean stocks fell 1.97 percent on Friday as investor sentiment was dampened by uncertainties over the eurozone debt crisis and a grim economic growth forecast, analysts said. The local currency declined against the U.S. dollar.
The benchmark KOSPI lost 37.64 points to 1,874.75, sinking below the 1,900 point level for the first time since it finished at 1,847.51 on Nov. 30. Trading volume was moderate at 367.9 million shares worth 5.07 trillion won ($4.42 billion) with losers leading gainers 565 to 274.
“The European Central Bank failed to come up to market expectations that it would step up to buy bad debts,” said Lim Dong-rak, an analyst of Hanyang Securities Co.
“There are still a lot of uncertainties whether European Union leaders will take bold action to avoid a worst-case scenario at their upcoming summit meeting later today.”
The ECB cut interest rates for a second consecutive month and promised to take liquidity measures to support Europe’s cash-strapped banks. The bank, however, said it will not step up to buy more government bonds to help halt rising yields, pulling European and U.S. stocks down.
The South Korean central bank earlier in the day cut the country’s gross domestic product growth forecast for 2012 to 3.7 percent from an earlier estimate of 4.6 percent, further dragging down the South Korean stock index.
“Investors are also reluctant to invest their money out of fears of a slowdown in economic growth next year,” said Lim.
Foreigners were sellers and unloaded a net 427.8 billion won worth of stocks, while institutions bought a net 24.2 billion won.
Stocks lost ground across the board, with banks and large-cap exporters among the big losers.
Market bellwether Samsung Electronics slid 1.03 percent to 1,053,000 won despite its legal victory in Australia over U.S. tech giant Apple. The world’s second-largest chipmaker Hynix Semiconductor fell 2.95 percent to 21,400 won and LG Electronics plunged 4.05 percent to close at 71,000 won.
Financials also led the decline, with KB Financial Group falling 2.65 percent to 36,800 won and Shinhan Financial Group losing 3.71 percent to 40,250 won.
The world’s biggest shipyard Hyundai Heavy Industries slumped 3.79 percent to 279,000 won and Daewoo Shipbuilding & Marine Engineering fell 3.19 percent to finish at 28,850 won.
Carmakers also remained on a bearish run, with market leader Hyundai Motor sinking 3.14 percent to 216,000 won and its smaller affiliate Kia Motors falling 2.10 percent to 69,800 won.
The local currency closed at 1,146.5 won against the greenback, down 15.1 won from Thursday’s close alongside the KOSPI’s decline and lingering jitters over the eurozone debt crisis, dealers said.
(Yonhap News)
The benchmark KOSPI lost 37.64 points to 1,874.75, sinking below the 1,900 point level for the first time since it finished at 1,847.51 on Nov. 30. Trading volume was moderate at 367.9 million shares worth 5.07 trillion won ($4.42 billion) with losers leading gainers 565 to 274.
“The European Central Bank failed to come up to market expectations that it would step up to buy bad debts,” said Lim Dong-rak, an analyst of Hanyang Securities Co.
“There are still a lot of uncertainties whether European Union leaders will take bold action to avoid a worst-case scenario at their upcoming summit meeting later today.”
The ECB cut interest rates for a second consecutive month and promised to take liquidity measures to support Europe’s cash-strapped banks. The bank, however, said it will not step up to buy more government bonds to help halt rising yields, pulling European and U.S. stocks down.
The South Korean central bank earlier in the day cut the country’s gross domestic product growth forecast for 2012 to 3.7 percent from an earlier estimate of 4.6 percent, further dragging down the South Korean stock index.
“Investors are also reluctant to invest their money out of fears of a slowdown in economic growth next year,” said Lim.
Foreigners were sellers and unloaded a net 427.8 billion won worth of stocks, while institutions bought a net 24.2 billion won.
Stocks lost ground across the board, with banks and large-cap exporters among the big losers.
Market bellwether Samsung Electronics slid 1.03 percent to 1,053,000 won despite its legal victory in Australia over U.S. tech giant Apple. The world’s second-largest chipmaker Hynix Semiconductor fell 2.95 percent to 21,400 won and LG Electronics plunged 4.05 percent to close at 71,000 won.
Financials also led the decline, with KB Financial Group falling 2.65 percent to 36,800 won and Shinhan Financial Group losing 3.71 percent to 40,250 won.
The world’s biggest shipyard Hyundai Heavy Industries slumped 3.79 percent to 279,000 won and Daewoo Shipbuilding & Marine Engineering fell 3.19 percent to finish at 28,850 won.
Carmakers also remained on a bearish run, with market leader Hyundai Motor sinking 3.14 percent to 216,000 won and its smaller affiliate Kia Motors falling 2.10 percent to 69,800 won.
The local currency closed at 1,146.5 won against the greenback, down 15.1 won from Thursday’s close alongside the KOSPI’s decline and lingering jitters over the eurozone debt crisis, dealers said.
(Yonhap News)
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Articles by Korea Herald
