Roundup: S.Korean shares fall on mounting geopolitical risks
SEOUL, Mar 07, 2013 (Xinhua via COMTEX) --
South Korean shares made the first
decline in three sessions on Thursday after the Democratic People'
s Republic of Korea (DPRK) threatened to scrap an armistice that
ended the 1950-53 Korean War, boosting geopolitical risks on the
The benchmark Korea Composite Stock Price Index (KOSPI) fell
16. 34 points, or 0.81 percent, to close at 2,004.40. Trading
volume stood at 382.24 million shares worth 3.64 trillion won
(3.35 billion U.S. dollars).
The DPRK military said the Korean War Armistice Agreement would
became "null" next Monday, the same day a joint U.S.-South Korea
military drill is set to kick off. The threat came as the UN
Security Council met behind closed doors on how to respond to
Pyongyang's third nuclear test, carried out last month.
Seoul responded Pyongyang's warning with a tough tone, saying
that South Korea will "sternly"retaliate against the DPRK if it
takes any provocation.
Almost all large-cap shares ended in negative territory. Market
bellwether Samsung Electronics slid 2.6 percent, and top automaker
Hyundai Motor dipped 0.7 percent after the Japanese yen deprecated
further against the greenback. The country's No.2 carmaker Kia
Motors lost 0.2 percent.
Foreign funds decreased their holdings of stocks by 64.2
billion won, turning into net buyers after selling stocks in the
prior session. Local institutions offloaded shares valued at 88.6
billion won, while retail investors bought stocks worth 174
The world's second-largest computer-chip maker SK Hynix
increased 0.5 percent amid expectations for a hike in memory chip
prices, and the country's biggest auto parts maker Hyundai Mobis
gained 1.1 percent. Top wireless carrier SK Telecom advanced 1.9
The local currency finished at 1,087.1 won against the
greenback, down 4.5 won from Wednesday's close.
Bond prices ended lower. The yield on the liquid three-year
treasury notes rose 0.02 percentage point to 2.66 percent, and the
return on the benchmark five-year government bonds added 0.02
percentage point to 2.77 percent.
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