The Korea Herald

소아쌤

Shares down on foreign selling

By Korea Herald

Published : March 12, 2013 - 20:23

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Korean stocks ended 0.5 percent lower on Tuesday as foreigners extended their selling mode amid a weakening Japanese yen and North Korea’s multiple nuclear threats, analysts said. The local currency slipped against the U.S. dollar.

The benchmark Korea Composite Stock Price Index fell 10.01 points to 1,993.34. Trading volume was moderate at 385.8 million shares worth 3.29 trillion won ($3 billion), with gainers outnumbering decliners 433 to 364.

“Bad market sentiment, along with high volatility, is definitely weighing on the KOSPI,” said Kim Young-jun, an analyst at SK Securities Co.

“Volatility is likely to continue until the end of this week amid domestic and global issues but fizzle out after that,” said Kim.

Techs ended on negative territory, with market bellwether Samsung Electronics falling 0.93 percent to 1,494,000 won and chip giant SK hynix losing 1.75 percent to 28,100 won.

Shipbuilders also ended bearish, with Daewoo Shipbuilding & Marine Engineering falling 2.59 percent to 30,100 won.

In contrast, automakers outperformed the KOSPI.

The country’s top automaker Hyundai Motor rose 0.96 percent to 210,500 won on upbeat sales in China. Its affiliates also pared losses, with parts maker Hyundai Wia adding 2.57 percent to 159,500 won. (Yonhap News)