S.Korean stocks close lower on lingering concerns over recovery

16:52, August 11, 2010      

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South Korean shares closed lower Wednesday as concerns mounted over the health of global economic recovery, local analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 22. 94 points, or 1.22 percent, to close at 1,758.19, according to the bourse operator Korea Exchange (KRX).

The fall came amid heightened concerns over global economic recovery after the U.S. Federal Reserve gave a pessimistic assessment of the economy and China reported a slowdown in factory output.

Technology shares also fell significantly on declining demand for computers and LEDs amid the threat of oversupply. Shares in Hynix, the world's No.2 memory chip maker, dropped 4.4 percent in heavy trade on Wednesday, while LG Display, which makes flat screens for notebooks and computers, tumbled 4.6 percent and affiliate LG Electronics Inc. declined 3.3 percent.

While foreigners played as net sellers, together with institutions, retailers ended trading as net buyers.

The junior bourse KOSDAQ, meanwhile, shed 7.02 points, or 1.46 percent, to end at 475.14.

Bond prices closed higher as investors largely bet on a rate freeze for the Bank of Korea's policy meeting Thursday following the Fed statement. The yield on three-year Treasury notes shed 0. 08 percentage point to 3.83 percent and the return on benchmark five-year government bonds also lost 0.08 percentage point to 4.38 percent.



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