The Korea Herald


Shares inch down on U.S. data, N.K. risk

By Korea Herald

Published : April 10, 2012 - 19:30

    • Link copied

South Korean stocks dropped 0.13 percent on Tuesday, weighed down by unfavorable U.S. economic indicators and geopolitical risks, analysts said. The local currency declined against the U.S. dollar.

After regaining the 2,000-point level in early trading, the benchmark Korea Composite Stock Price Index shed 2.67 points to close at 1,994.41. Trading volume was heavy at 533 million shares worth 4.82 trillion won ($4.23 billion), with gainers outpacing losers 436 to 383.

“The local bourse was unable to shake worries surrounding the planned launch of North Korea’s long-range rocket,” said Kwak Joong-bo, an analyst at Samsung Securities Co.

Others said predictions Pyongyang may move to conduct nuclear tests further affected the stock market, as well as weak employment figures from the United States.

Auto and electronics blue chips lost ground as investors cashed in on recent gains, although shares for chemicals and steel rose.

Market bellwether Samsung Electronics shed 0.46 percent to close at 1,311,000 won. LG Electronics, the country’s leading home appliance maker, fell 0.51 percent to end at 78,300 won.

Top automaker Hyundai Motor Co. retreated 2.79 percent to 261,000 won with its affiliate Kia Motors losing 2.51 percent to 77,800 won.

LG Chem, however, rose 1.28 percent to 356,000 won, with Hyundai Heavy Industries remaining flat from the previous session at 303,000 won.

Leading steelmaker POSCO gained 1.36 percent to close at 371,500 won, while Hyundai Steel moved up 1.47 percent to end at 103,500 won.

The local currency finished at 1,139.6 won to the greenback, down 1.4 won from Monday’s close, due to the bearish stock market, dealers said. (Yonhap News)