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Shares fall on lack of U.S., European stimulus action
By Korea HeraldPublished : June 8, 2012 - 18:59
South Korean stocks fell 0.67 percent Friday after neither U.S. nor European central banks unveiled detailed stimulus programs to bolster growth, analysts said. The local currency fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index gave up 12.31 points to 1,835.64, snapping a two-day gaining streak.
Trading volume was light at 355 million shares worth 3.39 trillion won ($2.88 billion), with losers outpacing gainers 478 to 330.
“Heads of the U.S. Federal Reserve and the European Central Bank hinted they are considering economic stimulus programs, but there were a lack of details, which affected the market,” said Kim Ji-hyung, an analyst at Hanyang Securities.
A surprise decision by China to lower its interest rate bolstered some domestic stock prices and helped to stem losses, Kim said.
Kim Yoo-kyung, an analyst at LIG Investment and Securities, said while Beijing’s decision to lower its key rate helped, it was not enough to affect the overall market sentiment.
Others said the announcement by the Bank of Korea to freeze the country's key rate had little impact on the bourse since the move had been widely anticipated. Analysts also pointed out that moves by investors to lock in gains made in the past few days, and persistent concerns surrounding Europe's fiscal crisis weighed down the KOSPI.
Most shares in electronics, autos, chemicals and heavy industries moved down, with steel and oil refining posting gains.
Market bellwether Samsung Electronics lost 1.42 percent to 1,247,000 won, with top automaker Hyundai Motor moving down 1.46 percent to 236,500 won.
No. 2 carmaker Kia Motors moved down 1.41 percent to 77,000 won, with LG Chem, a leading manufacturer of rechargeable batteries, falling 0.92 percent to 270,000 won.
Hyundai Heavy Industries, the world's largest shipmaker, edged down 0.19 percent to 262,000 won, with top mobile carrier SK Telecom dropping 3.16 percent to 122,500 won.
Global steelmaker POSCO, however, rose 1.51 percent to 366,500 won, along with Hyundai Steel, which gained 2.75 percent to 86,000 won. Leading refiner SK Innovation rose 0.75 percent to 134,000 won.
The local currency finished at 1,175.3 won to the U.S. greenback, down 3.9 won from Thursday's close. (Yonhap News)
The benchmark Korea Composite Stock Price Index gave up 12.31 points to 1,835.64, snapping a two-day gaining streak.
Trading volume was light at 355 million shares worth 3.39 trillion won ($2.88 billion), with losers outpacing gainers 478 to 330.
“Heads of the U.S. Federal Reserve and the European Central Bank hinted they are considering economic stimulus programs, but there were a lack of details, which affected the market,” said Kim Ji-hyung, an analyst at Hanyang Securities.
A surprise decision by China to lower its interest rate bolstered some domestic stock prices and helped to stem losses, Kim said.
Kim Yoo-kyung, an analyst at LIG Investment and Securities, said while Beijing’s decision to lower its key rate helped, it was not enough to affect the overall market sentiment.
Others said the announcement by the Bank of Korea to freeze the country's key rate had little impact on the bourse since the move had been widely anticipated. Analysts also pointed out that moves by investors to lock in gains made in the past few days, and persistent concerns surrounding Europe's fiscal crisis weighed down the KOSPI.
Most shares in electronics, autos, chemicals and heavy industries moved down, with steel and oil refining posting gains.
Market bellwether Samsung Electronics lost 1.42 percent to 1,247,000 won, with top automaker Hyundai Motor moving down 1.46 percent to 236,500 won.
No. 2 carmaker Kia Motors moved down 1.41 percent to 77,000 won, with LG Chem, a leading manufacturer of rechargeable batteries, falling 0.92 percent to 270,000 won.
Hyundai Heavy Industries, the world's largest shipmaker, edged down 0.19 percent to 262,000 won, with top mobile carrier SK Telecom dropping 3.16 percent to 122,500 won.
Global steelmaker POSCO, however, rose 1.51 percent to 366,500 won, along with Hyundai Steel, which gained 2.75 percent to 86,000 won. Leading refiner SK Innovation rose 0.75 percent to 134,000 won.
The local currency finished at 1,175.3 won to the U.S. greenback, down 3.9 won from Thursday's close. (Yonhap News)
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Articles by Korea Herald
