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South Korean stocks tumbled 2.4 percent to a two-week low Monday as a Greek referendum against austerity measures proposed by its international lenders clouded the future of the eurozone and reduced investors' appetite for risky assets, analysts said. The local currency declined against the U.S. dollar.
The benchmark Korea Composite Stock Price Index lost 50.48 points to close at 2,053.93. Trading volume was moderate at 463.9 million shares worth 6.3 trillion won ($5.6 billion) with losers far outnumbering winners 669 to 164.
"More than 60 percent of Greek people voted against the austerity measures demanded by creditors, reversing earlier polls that the 'yes' camp would win," said Kim Hyung-rae, an analyst from KDB Daewoo Securities Co. "The result raises concerns about Greece's potential exit from the eurozone economy and fuels volatility in the global financial market."
He said South Korea is not the only country that is affected by the Grexit issue, but nearly all emerging markets are bearing the brunt.
Investors are worried about the future of the single currency union if Greece actually goes out of the eurozone. "Due to the uncertainty, investors turn their eyes to safer assets," said Kim.
Foreign investors offloaded a net 286.4 billion won worth of local shares, while institutional investors dumped a net 217.3 billion won.
Samsung Electronics, the largest firm by market cap, slumped 3 percent to 1,230,000 won, while No. 2 SK hynix sank 4.45 percent to 40,750 won.
Cheil Industries, Samsung Group's de facto holding company, fell 3.28 percent to 177,000 won and Samsung SDS, its tech solution provider, dropped 2.71 percent to 251,000 won.
Chemical companies also finished bearish, with industry leader LG Chem decreasing 3.03 percent to 272,000 won and Lotte Chemical plunging 6.68 percent to 279,000 won.
Hotel Shilla, Samsung's luxury accommodations unit, rose 0.78 percent to 129,000 won on hopes that it would win an additional license to operate a downtown duty-free store.
The local currency ended at 1,126.5 won versus the U.S. greenback, down 3.5 won from Friday's close. (Yonhap)
The benchmark Korea Composite Stock Price Index lost 50.48 points to close at 2,053.93. Trading volume was moderate at 463.9 million shares worth 6.3 trillion won ($5.6 billion) with losers far outnumbering winners 669 to 164.
"More than 60 percent of Greek people voted against the austerity measures demanded by creditors, reversing earlier polls that the 'yes' camp would win," said Kim Hyung-rae, an analyst from KDB Daewoo Securities Co. "The result raises concerns about Greece's potential exit from the eurozone economy and fuels volatility in the global financial market."
He said South Korea is not the only country that is affected by the Grexit issue, but nearly all emerging markets are bearing the brunt.
Investors are worried about the future of the single currency union if Greece actually goes out of the eurozone. "Due to the uncertainty, investors turn their eyes to safer assets," said Kim.
Foreign investors offloaded a net 286.4 billion won worth of local shares, while institutional investors dumped a net 217.3 billion won.
Samsung Electronics, the largest firm by market cap, slumped 3 percent to 1,230,000 won, while No. 2 SK hynix sank 4.45 percent to 40,750 won.
Cheil Industries, Samsung Group's de facto holding company, fell 3.28 percent to 177,000 won and Samsung SDS, its tech solution provider, dropped 2.71 percent to 251,000 won.
Chemical companies also finished bearish, with industry leader LG Chem decreasing 3.03 percent to 272,000 won and Lotte Chemical plunging 6.68 percent to 279,000 won.
Hotel Shilla, Samsung's luxury accommodations unit, rose 0.78 percent to 129,000 won on hopes that it would win an additional license to operate a downtown duty-free store.
The local currency ended at 1,126.5 won versus the U.S. greenback, down 3.5 won from Friday's close. (Yonhap)
