AGL 37.89 Decreased By ▼ -0.26 (-0.68%)
AIRLINK 124.10 Increased By ▲ 2.59 (2.13%)
BOP 5.67 Decreased By ▼ -0.18 (-3.08%)
CNERGY 3.75 No Change ▼ 0.00 (0%)
DCL 8.55 Increased By ▲ 0.15 (1.79%)
DFML 40.48 Decreased By ▼ -0.41 (-1%)
DGKC 87.10 Increased By ▲ 2.50 (2.96%)
FCCL 33.98 Increased By ▲ 1.28 (3.91%)
FFBL 66.01 Increased By ▲ 0.51 (0.78%)
FFL 10.20 Increased By ▲ 0.15 (1.49%)
HUBC 104.45 Increased By ▲ 0.65 (0.63%)
HUMNL 13.45 Increased By ▲ 0.20 (1.51%)
KEL 4.78 Increased By ▲ 0.35 (7.9%)
KOSM 6.84 Decreased By ▼ -0.25 (-3.53%)
MLCF 38.84 Increased By ▲ 1.34 (3.57%)
NBP 60.35 Increased By ▲ 0.10 (0.17%)
OGDC 179.65 Increased By ▲ 7.40 (4.3%)
PAEL 24.97 Increased By ▲ 0.17 (0.69%)
PIBTL 5.71 Increased By ▲ 0.01 (0.18%)
PPL 153.00 Increased By ▲ 11.31 (7.98%)
PRL 22.79 Increased By ▲ 0.07 (0.31%)
PTC 14.91 Increased By ▲ 0.17 (1.15%)
SEARL 66.85 Increased By ▲ 2.29 (3.55%)
TELE 7.01 Decreased By ▼ -0.13 (-1.82%)
TOMCL 35.70 Increased By ▲ 0.20 (0.56%)
TPLP 7.32 Increased By ▲ 0.03 (0.41%)
TREET 13.99 Decreased By ▼ -0.21 (-1.48%)
TRG 50.95 Decreased By ▼ -0.80 (-1.55%)
UNITY 26.40 Decreased By ▼ -0.20 (-0.75%)
WTL 1.23 Increased By ▲ 0.01 (0.82%)
BR100 9,717 Increased By 233.5 (2.46%)
BR30 29,237 Increased By 866.2 (3.05%)
KSE100 90,860 Increased By 1893.1 (2.13%)
KSE30 28,458 Increased By 630.4 (2.27%)

South Korean shares ended at their lowest in two-and-a-half weeks on Monday, just above an intraday low for the year set during the session, as US jobs data aggravated worry about a global slowdown and sent investors fleeing risky assets. The Korea Composite Stock Price Index (KOSPI) fell 2.8 percent to close at 1,783.13 points after setting a 2012 low of 1,776.85 points late in the session.
"The gloomy US jobs picture was the final straw that culminated in a fundamental shock after a recent flow of data indicating economic weakness in China and Europe as well," said Lee Jae-hoon, an analyst at Mirae Asset Securities. US job growth braked sharply for a third straight month in May and the jobless rate rose for the first time in nearly a year, adding to concern that recent signs of easing growth in China and uncertainty over European debt may be hampering fragile US recovery efforts.
Risk-off sentiment triggered the heaviest selling by foreign investors in South Korea nearly two weeks, as offshore players dumped a net 264.4 billion won ($224.5 million) worth of shares. Growth-sensitive, cyclical stocks such as builders and shipyards underperformed on the global economic woes. Hyundai Engineering & Construction slid 5.8 percent, while Samsung Heavy Industries fell 5.7 percent.
Crude oil refiners tumbled after oil prices dipped below $100 to a 16-month low, with SK Innovation plunging 7.7 percent while GS Holdings shed 5.1 percent. The KOSPI 200 benchmark of core stocks closed down 2.6 percent, with 166 listings out of the 200 components trading in the red. Index heavyweights LG Chem slid 5.9 percent and SK Hynix fell 5.3 percent. The junior, small cap-heavy KOSDAQ outpaced the decline in the broader market, stumbling 4.5 percent.
Investors took refuge in defensive plays, helping telecommunication and utility shares buck the trend and log modest gains. SK Telecom, South Korea's largest mobile service provider, rose 1.6 percent, while Korea Electric Power Corp (KEPCO) climbed 2.4 percent. The main bourse has now fallen more than 10 percent from its 2012 high in mid-March, wiping out all of its first-quarter gains from end-2011 to turn lower for the year.

Copyright Reuters, 2012

Comments

Comments are closed.