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  • Seoul shares fall 0.59 pct on export, Greek debt woes
    Seoul shares fall 0.59 pct on export, Greek debt woes
    South Korean stocks fell 0.59 percent Monday as investor sentiment was dampened by concerns about the country's slowing exports and the lingering Greek debt problem, analysts said. The local currency lost ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 12.43 points to 2,102.37. Trading volume was moderate at 416.9 million shares worth 5.8 trillion won ($5.2 billion), with losers ou...
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Seoul shares fall 0.59 pct on export, Greek debt woes

June 1, 2015 - 16:33 By KH디지털2
South Korean stocks fell 0.59 percent Monday as investor sentiment was dampened by concerns about the country's slowing exports and the lingering Greek debt problem, analysts said. The local currency lost ground against the U.S. dollar.

The benchmark Korea Composite Stock Price Index lost 12.43 points to 2,102.37. Trading volume was moderate at 416.9 million shares worth 5.8 trillion won ($5.2 billion), with losers outnumbering gainers 489 to 329.

South Korea's exports shrank 10.9 percent last month, extending their losing streak to five straight months, the latest economic data showed, sparking worries that Asia's fourth-largest economy is losing ground in overseas markets amid the weak Japanese yen and a protracted slump in the global economy.

"The downbeat export data weighed heavily on the market, leading investors to sell their holdings," said Park Sang-hyun, a senior analyst at Hi Investment & Securities Co. "And the looming deadline for Greek debt payments also hurt investors' appetite for risky assets."

He said an outbreak of the Middle East Respiratory Syndrome also sent tourism-related stocks tumbling as the disease could keep Chinese tourists from visiting South Korea.

The number of confirmed MERS cases rose to 18 on Monday, including one who had tested positive for MERS on Chinese soil.

Tech giant Samsung Electronics sank 1.22 percent to a six-month low of 1,291,000 won and its IT affiliate, Samsung SDS, tumbled 7.01 percent to 311,500 won.

Carmakers finished lower, with industry leader Hyundai Motor losing 2.22 percent to 154,500 won and its auto parts unit, Hyundai Mobis, dropping 2.24 percent to 218,500 won.

Hotel Shilla, Samsung Group's accommodations operating unit, slid 0.84 percent to 118,500 won and GKL, a casino operator, declined 4.58 percent to 39,600 won.

Leading air carrier Korean Air Lines dipped 3.96 percent to 38,850 won and Asiana Airlines slipped 4.93 percent to 6,560 won.

The local currency finished at 1,110.2 won against the U.S. dollar, down 2 won from Friday's close.

Bond prices, which move inversely to yields, ended lower. The yield on three-year Treasurys rose 0.1 basis point to 1.746 percent, and the return on the benchmark five-year government bonds added 2.4 basis points to 1.941 percent. (Yonhap)

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