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Roundup: S. Korean shares fall on weaker yen
SEOUL, Feb 06, 2013 (Xinhua via COMTEX) --
South Korean shares fell for five
straight sessions on Wednesday as weaker yen boosted concerns over
export competitiveness of the South Korean economy.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 1.
99 points, or 0.1 percent, to close at 1,936.19. The reading was
the lowest this year. Trading volume stood at 344.83 million
shares worth 3.6 trillion won (3.3 billion U.S. dollars).
Export shares ended bearish on the yen's depreciation against
the dollar. Market bellwether Samsung Electronics fell 0.6
percent, declining for the fourth consecutive session. Top
automaker Hyundai Motor and its affiliate Kia Motors retreated 2
percent and 2.1 percent each after their Japanese rival Toyota
Motor unveiled positive earnings outlook.
After taking a strong start on Wall Street gains overnight, the
KOSPI fell to the lowest level this year as foreign and
institutional investors sold stocks on concerns over the weakening
price competitiveness of exporters.
Foreign funds cut their holdings of local stocks by 88.1
billion won, and institutional investors offloaded shares worth 8.
1 billion won, selling for three straight sessions. Retail
investors bolstered the market by purchasing a net 104 billion won
worth of shares.
Telecom shares gained ground on positive earnings. Top wireless
carrier SK Telecom jumped 4 percent as fourth-quarter net income
more than doubled compared with a year earlier. Local brokerages
raised their share-price estimates for the company due to the
earnings.
The local currency finished at 1,088.1 won against the
greenback, down 1.1 won from Tuesday's close.
Bond prices ended higher. The yield on the liquid three-year
treasury notes fell 0.03 percentage point to 2.72 percent, and the
return on the benchmark five-year government bonds lost 0.03
percentage point to 2.85 percent.
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