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S.Korean shares fall on worries over Samsung


16:33, June 11, 2013

SEOUL, June 11 (Xinhua) -- South Korean shares fell on Tuesday amid worries over Samsung Electronics' slower growth in smartphone sales.

The benchmark Korea Composite Stock Price Index (KOSPI) dropped 12.02 points, or 0.62 percent, to close at 1,920.68. Trading volume stood at 285.29 million shares worth 4.38 trillion won (3. 87 billion U.S. dollars).

Samsung Electronics, which accounts for around 22 percent of the total market capitalization, declined 2.5 percent to close at 1,389,000 won, the lowest in four months.

Concerns lingered over Samsung Electronics'smartphone sales following JP Morgan's June 7 report that its flagship Galaxy S4 was rapidly losing momentum. JP Morgan downgraded its target price for Samsung Electronics from 2.1 million won to 1.9 million won, while Morgan Stanley cut its price target from 1.8 million won to 1.75 million won.

Samsung Electronics kept its record-breaking earnings trend over the past years, with smartphone accounting for around 70 percent of its total revenue. The end of smartphone boom could lead the company into trouble.

Foreign investors dumped local stocks worth 580.4 billion won, including tech stocks worth 337.3 billion won. Over the past three sessions, foreigners offloaded domestic stocks worth more than 1.8 trillion won.

Retail and institutional investors bought shares valued at 323. 7 billion won and 253.3 billion won respectively, but they failed to shore up the local stock market.

Top automaker Hyundai Motor edged up 0.2 percent after the yen/ dollar exchange rate fell to the 98-yen level in the Asian trading, but Kia Motors and Hyundai Mobis ended in negative territory.

Top wireless carrier SK Telecom advanced 2.6 percent, while top life insurer Samsung Life Insurance and leading chemical firm LG Chem declined 2.3 percent and 2.1 percent each.

The local currency finished at 1,134.0 won against the greenback, down 6.7 won from Monday's close.

Bond prices ended lower. The yield on the liquid three-year treasury notes rose 0.01 percentage point to 2.80 percent, and the return on the benchmark five-year government bonds climbed 0.05 percentage point to 3.00 percent.

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Email|Print|Comments(Editor:YaoChun、Liang Jun)

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