S. Korean shares down on U.S., European risks

20:32, June 25, 2010      

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South Korean shares on Friday closed down on a grim U.S. corporate earnings forecast and reemerging euro-zone concerns, local analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) shed 10. 03 points, or 0.58 percent, to finish at 1,729.84, according to the bourse operator Korea Exchange (KRX).

Investor worries on a eurozone fiscal crisis were back in the market as the CDS premium on the Greek sovereign debts rose to a record high.

In addition, the U.S. Federal Reserve announced a gloomy outlook on the U.S. economy, adding to market worries that the recovery pace may slow down.

Amid overseas unfavorable factors, Asian financial markets saw a downturn, joined by South Korea's bourses.

While foreign investors stayed as net sellers, pulling down the index, institutions and retailers made more purchase than their sell-offs.

The junior bourse KOSDAQ also closed down, falling 1.02 points, or 0.20 percent, to close at 498.12.

The derivatives ended down as well with the KOSPI 200 Futures market dropping 1.82 points, or 0.80 percent, to 225.63, according to the bourse operator.

Meanwhile, the local currency continued to fall against the U.S. dollar, down 26.6 won to end trading at 1,215.4 won.

Bond prices ended flat with the yield on three-year Treasury notes fixed at 3.90 percent.

Source: Xinhua


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