The poor data from the U.S. and China push back the Seoul stock market
Seoul’s stock market fell today due to the publication of data worse than expected U.S. and China, and persistent fears aroused by the debt crisis in the euro area.
The Kospi index of South Korean market closed today with a drop of 41.76 points, or 2.21 percent, and remained at 1,847.39 points, while the indicator Kosdaq technology stocks gained 0.01 points, 0.002 percent to 485.19 be in integers.
The publication of negative data related to manufacturing in the U.S. and China, and also employment in the first world economy, along with the status of the Spanish banking sector and the overview provided by the crisis in the euro area implemented the pessimism the floor, local analysts said.
Samsung Electronics, the reference value of the South Korean market, fell 3.67 percent, while the main South Korean automaker, Hyundai fell 2.99 percent.
Its subsidiary, Kia Motors, depreciated by 1.65 percent, while the principal national steelmaker, POSCO lost 2.24 per percent.
LG Chem, one of the world’s leading manufacturers of rechargeable batteries, allowed a 3.47 percent and Hyundai Heavy Industries, the largest shipyard in the world, yielded 4.02 percent.
The South Korean auto parts maker Hyundai Mobis fell 2.79 percent, while the largest insurer, Samsung Life Insurance, lost 1.46 percent.
The local currency gained 5.2 units versus the dollar, which was exchanged for 1,156.8 won at the end of the session.
Category: Stock Market Trading
