S Korean shares continue to move down on European debt woes

19:39, May 18, 2010      

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South Korean shares on Tuesday continued to dip as eurozone debt woes dragged down investor sentiment, local analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 8. 27 points, or 0.5 percent, to end at 1,643.24, according to the bourse operator Korea Exchange (KRX).

Market sentiment shrank as the debt crisis triggered in Southern Europe is speculated to spread to other regions in Europe, leading to foreign selling in the local market.

Amid the vulnerable market, foreigners continued mark a net sell-off position, with its monthly net selling amount exceeding 4 trillion won (3.5 billion U.S. dollars).

Institutions and retailer investors, on the other hand, stood as net purchasers.

Amid the downturn, market giants saw a jump in share prices, with Samsung Electronics gaining 1.02 percent and POSCO earning 2. 60 percent.

The junior bourse KOSDAQ continued the downward trend as well, sliding 5.73 points, or 1.12 percent, to end trading at 504.52, said the KRX.

The derivatives also closed down with the KOSPI 200 Futures market shedding 1.95 points, or 0.90 percent, to 214.10, according to the bourse operator.

Meanwhile, the local currency recovered 7.20 won against the U. S. dollar from the previous session, ending at 1,146.60 won.

Bond prices ended up with the yield on three-year Treasury notes dropping 0.01 percentage point to 3.77 percent.

Source: Xinhua


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