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Seoul shares down 0.4 pct on continued worries over U.S. key rate
By KH디지털2Published : March 10, 2015 - 16:18
South Korean stocks ended 0.4 percent lower Tuesday as fears that the United States may raise its key interest rate at an earlier-than-expected time continued to dampen investor sentiment here, analysts said. The local currency lost ground against the greenback.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.05 points to 1,984.77. Trading volume was high at 420.39 million shares worth 4.69 trillion won (US$4.19 billion), with decliners beating gainers 545 to 270.
The decline came as concerns over a possible surprise rate hike by the U.S. Federal Reserve spilled over into the second consecutive day.
"Worries over a rate increase in the U.S. was not that big of a shock in relative terms, but it seems to have played a negative role during the day's trading session again," said Lim Noh-jung, an analyst from I'M Investment & Securities Co.
On Friday, the U.S. Labor Department released its jobs data for last month, in which the number of added jobs beat the forecast by about 55,000 jobs, feeding speculation that the Fed may push up the timing of the rate hike. Although hit by the same concerns, Wall Street figures bounced back up overnight, in contrast to the South Korean market.
"The local stock market itself, furthermore, currently has no upward momentum, without any positive news of improved earnings to help pull up share prices, which is why the shock from the previous day is being prolonged," Lim added.
Foreigners scooped up a net 80.29 billion won, and retail investors also bought more shares than they sold at 118.05 billion won. Institutions offloaded a net 203.82 billion won.
Tech shares traded mixed, as top player Samsung Electronics inched up 0.07 percent to 1,421,000 won while flat screen maker LG Display fell 2.23 percent to 30,650 won. Chipmaker SK hynix also fell 2.11 percent to 44,150 won.
Carmakers also moved in opposite directions, with industry leader Hyundai Motor advancing 2.37 percent to 173,000 won, whereas Kia Motors lost 0.63 percent to finish at 47,450 won. Auto parts manufacturer Hyundai Mobis also shed 0.19 percent.
Builders closed bearish, with GS Engineering & Construction tumbling 3.32 percent to 30,600 won and Daewoo Engineering & Construction surrendering 3.35 percent to 7,500 won. Hyundai Engineering & Construction also fell back 3.8 percent to close at 50,700 won.
Other large market cap shares finished in negative terrain, with top steelmaker POSCO losing 0.19 percent to 267,000 won and leading portal operator Naver slipping 1.84 percent to end at 641,000 won. State-run utility giant Korea Electric Power Co. stumbled 2.01 percent to 43,950 won.
The South Korean currency finished at an over 18-month low against the U.S. dollar at 1,122.60 won, down 10.50 won from Monday's close.
Bond prices, which move inversely to yields, ended lower. The yield on three-year Treasurys moved up 1.3 basis point to 1.937 percent, while the return on the benchmark five-year government bonds increased 1.9 basis point to 2.076 percent. (Yonhap)
The benchmark Korea Composite Stock Price Index (KOSPI) fell 8.05 points to 1,984.77. Trading volume was high at 420.39 million shares worth 4.69 trillion won (US$4.19 billion), with decliners beating gainers 545 to 270.
The decline came as concerns over a possible surprise rate hike by the U.S. Federal Reserve spilled over into the second consecutive day.
"Worries over a rate increase in the U.S. was not that big of a shock in relative terms, but it seems to have played a negative role during the day's trading session again," said Lim Noh-jung, an analyst from I'M Investment & Securities Co.
On Friday, the U.S. Labor Department released its jobs data for last month, in which the number of added jobs beat the forecast by about 55,000 jobs, feeding speculation that the Fed may push up the timing of the rate hike. Although hit by the same concerns, Wall Street figures bounced back up overnight, in contrast to the South Korean market.
"The local stock market itself, furthermore, currently has no upward momentum, without any positive news of improved earnings to help pull up share prices, which is why the shock from the previous day is being prolonged," Lim added.
Foreigners scooped up a net 80.29 billion won, and retail investors also bought more shares than they sold at 118.05 billion won. Institutions offloaded a net 203.82 billion won.
Tech shares traded mixed, as top player Samsung Electronics inched up 0.07 percent to 1,421,000 won while flat screen maker LG Display fell 2.23 percent to 30,650 won. Chipmaker SK hynix also fell 2.11 percent to 44,150 won.
Carmakers also moved in opposite directions, with industry leader Hyundai Motor advancing 2.37 percent to 173,000 won, whereas Kia Motors lost 0.63 percent to finish at 47,450 won. Auto parts manufacturer Hyundai Mobis also shed 0.19 percent.
Builders closed bearish, with GS Engineering & Construction tumbling 3.32 percent to 30,600 won and Daewoo Engineering & Construction surrendering 3.35 percent to 7,500 won. Hyundai Engineering & Construction also fell back 3.8 percent to close at 50,700 won.
Other large market cap shares finished in negative terrain, with top steelmaker POSCO losing 0.19 percent to 267,000 won and leading portal operator Naver slipping 1.84 percent to end at 641,000 won. State-run utility giant Korea Electric Power Co. stumbled 2.01 percent to 43,950 won.
The South Korean currency finished at an over 18-month low against the U.S. dollar at 1,122.60 won, down 10.50 won from Monday's close.
Bond prices, which move inversely to yields, ended lower. The yield on three-year Treasurys moved up 1.3 basis point to 1.937 percent, while the return on the benchmark five-year government bonds increased 1.9 basis point to 2.076 percent. (Yonhap)
