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South Korean stocks fell 0.55 percent Wednesday as concern over the future of Spanish bailout negotiations sapped investor confidence, analysts said. The local currency lost ground against the U.S. dollar.
The benchmark Korea Composite Stock Price Index retreated 10.97 points to close at 1,980.44. Trading volume was heavy at 1.19 billion shares worth 4.76 trillion won ($4.25 billion) with decliners outstripping gainers 547 to 277.
The trading volume was the largest since Sept. 14, as a swarm of retail investors scurried to increase bets in shares of companies that have connections with South Korea’s presidential candidates.
“The chances that the Spanish bailout deal will go swiftly are pretty low since its government is still in dispute with the European Union over the terms,” said Koh Seung-hee, an analyst at SK Securities Co.
The Spanish government has called on the eurozone policymakers to approve the rescue program without intervening in its pension system, which European leaders have opposed.
The debt-mired nation does not have much choice, however, since another bulk of bonds worth 35 billion euros ($45.1 billion) are due to mature next month.
“If the Spain bailout plan falls through, it will stoke further jitters in the local market for some time,” Koh added.
A negative outlook on the global market sent institutional investors to unload a net 171.2 billion won. Foreigners and retail investors finished the trading as net buyers, but the KOSPI saw a substantial foreign capital outflow.
Most market heavyweights finished bearish. Top-cap Samsung Electronics shed 0.15 percent to 1,325,000 won and steelmaker POSCO dropped 1.07 percent to 371,000 won.
In contrast, leading carmaker Hyundai Motor and state-run electricity provider Korea Electric Power Corp. gained 1.02 percent to 247,000 won and 3.53 percent to 27,900 won each.
The local currency ended at 1,121.10 won against the greenback, down 1.8 won from Tuesday’s close, mainly due to foreigners’ selloff, dealers said. (Yonhap News)
The benchmark Korea Composite Stock Price Index retreated 10.97 points to close at 1,980.44. Trading volume was heavy at 1.19 billion shares worth 4.76 trillion won ($4.25 billion) with decliners outstripping gainers 547 to 277.
The trading volume was the largest since Sept. 14, as a swarm of retail investors scurried to increase bets in shares of companies that have connections with South Korea’s presidential candidates.
“The chances that the Spanish bailout deal will go swiftly are pretty low since its government is still in dispute with the European Union over the terms,” said Koh Seung-hee, an analyst at SK Securities Co.
The Spanish government has called on the eurozone policymakers to approve the rescue program without intervening in its pension system, which European leaders have opposed.
The debt-mired nation does not have much choice, however, since another bulk of bonds worth 35 billion euros ($45.1 billion) are due to mature next month.
“If the Spain bailout plan falls through, it will stoke further jitters in the local market for some time,” Koh added.
A negative outlook on the global market sent institutional investors to unload a net 171.2 billion won. Foreigners and retail investors finished the trading as net buyers, but the KOSPI saw a substantial foreign capital outflow.
Most market heavyweights finished bearish. Top-cap Samsung Electronics shed 0.15 percent to 1,325,000 won and steelmaker POSCO dropped 1.07 percent to 371,000 won.
In contrast, leading carmaker Hyundai Motor and state-run electricity provider Korea Electric Power Corp. gained 1.02 percent to 247,000 won and 3.53 percent to 27,900 won each.
The local currency ended at 1,121.10 won against the greenback, down 1.8 won from Tuesday’s close, mainly due to foreigners’ selloff, dealers said. (Yonhap News)
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Articles by Korea Herald
