S.Korean shares tumble on reemerging European debt woes

17:57, May 17, 2010      

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South Korean shares on Monday turned down on reemerging European debt woes, local analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 44. 12 points, or 2.6 percent, to end at 1,651.51, according to the bourse operator Korea Exchange (KRX).

Plunging from the start of the session due to massive plunges in European markets, the KOSPI continued to fall as rumors ran rampant on a downgrade on Japan's sovereign risks.

The declining Euro added to market jitters, reflecting investor concerns on the recovery of indebted European economies.

Amid the volatile market, foreigners continued mark a net sell- off position, unloading a net 760 billion won (661 million U.S. dollar) worth of shares on the main bourse.

While institutions joined foreigners' strong selling moves, retailers continued to purchase more shares than their sales.

Market giants joined the downward trend as well, with Samsung Electronics falling 3.21 percent and Hynix Semiconductor losing 5. 83 percent.

Bank shares led the fall, with KB Financial Group and Woori Finance Holdings dipping 5.24 percent and 8.26 percent, respectively.

The junior bourse KOSDAQ made a downturn as well, sliding 14.73 points, or 2.81 percent, to end trading at 510.25, said the KRX.

The derivatives also closed down with the KOSPI 200 Futures market shedding 4.40 points, or 2.00 percent, to 216.05, according to the bourse operator.

Meanwhile, the local currency also lost ground against the U.S. dollar, ending at 1,153.80 won, down 25.8 won from the previous session.

Bond prices ended steady with the yield on three-year Treasury notes fixed at 3.78 percent.

Source: Xinhua


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