SEOUL SHARES SLIP, CORRECTIONS SEEN IN BLUE-CHIPS
DATE: 17/04/2012
Seoul shares fell slightly on Tuesday morning as investors took to the sidelines to assess the euro zone's latest debt troubles and await the results of a Spanish bond auction.
The Korea Composite Stock Price Index ( KOSPI) was down 0.21 per cent at 1,988.36 points as of 0312 GMT.
"The market is on standby ahead of the Spanish debt sale, and U.S. data also failed to lend any momentum with a mixed showing," said Kim Hak-gyun, an analyst at Daewoo Securities. "There seems to be more room for corrections in Samsung Electronics and the tech sector in general after the fall in Apple shares yesterday,"
Spain faces a fresh test of investor confidence when it sells 12- and 18-month Treasury bills later on Tuesday, ahead of more significant two- and 10-year bond auctions on Thursday.
U.S. retail sales rose 0.8 per cent in March, well above consensus forecasts indicating solid consumer spending, which accounts for more than two-thirds of U.S. economic activity. Still, positive sentiment was dashed by a sharp decline in New York manufacturing data.
Korean energy shares, hurt all year by high oil prices, underperformed once more as GS Holdings, the parent of South Korea's second largest refiner, fell 1.9 per cent while S-Oil, the third-biggest refiner, declined 2.3 per cent.
Investors continued to take profits on index-heavyweight Samsung Electronics, which was trading 0.9 per cent lower and poised for a sixth-straight losing session after a hitting an all-time high in early April that put it up 22 per cent this year.
After outperforming peers this year, technology counters may be facing additional selling pressure after Apple Inc shares stumbled 4.2 per cent overnight on profit-taking.
Shares in home-shopping retailer CJ O Shopping tumbled 6.4 per cent on Tuesday morning, extending a 15 per cent plunge on Monday following the announcement that it will sell part of its stake in a Chinese subsidiary.
The Korea Composite Stock Price Index ( KOSPI) was down 0.21 per cent at 1,988.36 points as of 0312 GMT.
"The market is on standby ahead of the Spanish debt sale, and U.S. data also failed to lend any momentum with a mixed showing," said Kim Hak-gyun, an analyst at Daewoo Securities. "There seems to be more room for corrections in Samsung Electronics and the tech sector in general after the fall in Apple shares yesterday,"
Spain faces a fresh test of investor confidence when it sells 12- and 18-month Treasury bills later on Tuesday, ahead of more significant two- and 10-year bond auctions on Thursday.
U.S. retail sales rose 0.8 per cent in March, well above consensus forecasts indicating solid consumer spending, which accounts for more than two-thirds of U.S. economic activity. Still, positive sentiment was dashed by a sharp decline in New York manufacturing data.
Korean energy shares, hurt all year by high oil prices, underperformed once more as GS Holdings, the parent of South Korea's second largest refiner, fell 1.9 per cent while S-Oil, the third-biggest refiner, declined 2.3 per cent.
Investors continued to take profits on index-heavyweight Samsung Electronics, which was trading 0.9 per cent lower and poised for a sixth-straight losing session after a hitting an all-time high in early April that put it up 22 per cent this year.
After outperforming peers this year, technology counters may be facing additional selling pressure after Apple Inc shares stumbled 4.2 per cent overnight on profit-taking.
Shares in home-shopping retailer CJ O Shopping tumbled 6.4 per cent on Tuesday morning, extending a 15 per cent plunge on Monday following the announcement that it will sell part of its stake in a Chinese subsidiary.
POWERED BY: THE ECONOMIC TIMES
No comments:
Post a Comment