Geopolitical risks pull down S. Korean shares

08:51, April 19, 2010      

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South Korean shares turned down Friday as sinking of a naval ship brought up the geopolitical issues, local analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) slid 9. 42 points, or 0.54 percent, to close at 1,734.49, reversing the three-session-straight gains, according to the bourse operator Korea Exchange (KRX).

Despite the overnight U.S. gains, an earlier report from investigators on the sunken naval ship that it may be linked with an external explosion raised the geopolitical issues again, shrinking market sentiment.

Foreigners, institutions, and individuals altogether stood as net sellers.

While most shares joined the decline, banking shares, which shot up on the back of Moody's credit rating upgrade during the previous session, also made a fall of 1.03 percent.

Market giants, such as Samsung Electronics and KEPCO, also made a downturn, falling 0.82 percent and 1.37 percnet.

The junior bourse KOSDAQ, in line with the main bourse, went down 0.19 point, or 0.04 percent, ending trading at 508.42, said the KRX.

The derivatives also saw a fall, with the KOSPI 200 Futures market climbing 1.80 points, or 0.78 percent, to close at 228.10, according to the bourse operator.

The local currency inched down against the U.S. dollar as well, with the forex rate hitting 1,110.30 won against one U.S. dollar, down 2.80 won from the previous session.

Bond prices closed higher with the yield on three-year Treasury notes moving down 0.05 percentage point to 3.80 percent.



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