News
 International
 National
 Embassy News
 Arts & Living
 Business
 Travel & Hotel
 Medical Tourism New
 Taekwondo
 Media
 Letters to Editor
 Photo Gallery
 Cartoons/Comics/Humor
 News Media Link
 TV Schedule Link
 News English
 Life
 Hospitals & Clinics
 Flea Market
 Moving & Packaging
 Religious Service
 Korean Classes
 Korean Weather
 Housing
 Real Estate
 Home Stay
 Room Mate
 Job
 English Teaching
 Translation/Writing
 Job Offered/Wanted
 Business
 Hotel Lounge
 Foreign Exchanges
 Korean Stock
 Business Center
 PR & Ads
 Entertainment
 Arts & Performances
 Restaurants & Bars
 Tour & Travel
 Shopping Guide
 Community
 Foreign Missions
 Community Groups
 PenPal/Friendship
 Volunteers
 Foreign Workers
 Useful Services
 ST Banner Exchange
  Business
Seoul Shares Plunge on Wall Street Losses
A financial institution in Seoul

South Korean stocks ended sharply lower on Oct. 22, 2007 as foreign and retail investors unloaded large caps such as Samsung Electronics, spooked by the previous session's plunge in U.S. equities, analysts said. The local currency fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) dropped 66.29 points, or 3.36 percent, to 1,903.81. Volume was moderate at 349.58 million shares worth 6.97 trillion won (US$7.59 billion), with losers outnumbering winners 696 to 108.

"Investor sentiment was dampened by the free fall in U.S. stocks on Friday," said Kim Jung-hyun, an analyst at Goodmorning Shinhan Securities. "In line with overall drops in Asian equities, heavy foreign selling weighed on the market."

Stocks ended sharply lower across the board, with large-cap blue chips leading the fall. Market leader Samsung Electronics fell 3.33 percent to 522,000 won, and steelmaking giant POSCO lost 3.31 percent to 584,000 won.

Massive foreign selling sent shipbuilding and carmaking large caps lower. The world's third-largest shipyard Samsung Heavy Industries plunged 7.47 percent to 47,100 won. The country's leading automaker Hyundai Motor lost 1.54 percent to 64,000 won.

However, LG.Philips LCD, the world's No. 2 liquid crystal display manufacturer, rose 1.44 percent to 42,200 won on heavy foreign buying as it swung to a profit in the third quarter.

U.S. equities tumbled Friday on the 20th anniversary of the Black Monday crash. The Dow Jones industrial average lost 2.64 percent, and the Nasdaq composite index dropped 2.65 percent.

The local currency finished at 917.00 won to the U.S. dollar, down 1.20 won from Friday's close, as offshore investors snapped up the greenback, dealers said.

Bond prices, which move inversely to yields, surged. The return on benchmark three-year Treasuries plunged 0.07 percentage point to 5.34 percent, and the yield on five-year government bonds also fell 0.07 percentage point to 5.41 percent.(Yonhap News)




 

back

 

 

 

The Seoul Times Shinheungro 25-gil 2-6 Yongsan-gu, Seoul, Korea 04337 (ZC)
Office: 82-10-6606-6188 Email:seoultimes@gmail.com
Copyrights 2000 The Seoul Times Company  ST Banner Exchange