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Roundup: S. Korean shares fall on downbeat economic data

Xinhua, April 30, 2015 Adjust font size:

South Korean shares ended in negative territory for five sessions in a row Thursday as economic indicators at home and aboard showed downbeat pictures.

The benchmark Korea Composite Stock Price Index (KOSPI) slid 15. 46 points, or 0.72 percent, to 2,127.17 at the close. Trading volume stood at 497.73 million shares worth 6.02 trillion won (5. 62 billion U.S. dollars).

The KOSPI took off a weak start on Wall Street losses overnight caused by worse-than-expected GDP data in the United States. The world's largest economy grew 0.2 percent in the first quarter, missing market expectations and lower than the previous quarter.

The U.S. Federal Reserve negatively assessed the U.S. economy, saying that the rate increase would be made only after ensuring an improved labor market and an inflation moving into its target level of 2 percent.

South Korea's industrial production reduced 0.6 percent in March from a month earlier after growing in the prior month. Retail sales declined 0.6 percent last month, indicating the still lackluster private consumption.

Market watchers said that the KOSPI has been in a natural correction mode after recent surges, expecting a sharp rebound in the near future.

Foreigners turned into net buyers for the first time in three sessions by purchasing a net 59.4 billion won worth of local stocks. Local institutions sold shares worth 145.7 billion won, but retail investors raised stock holdings by 102.8 billion won.

Large-cap shares lost ground except for Samsung Electronics, of which share prices gained 1.8 percent. Memory chip giant SK Hynix slid 1.6 percent, and top automaker Hyundai Motor dipped 1.2 percent. The state-run power supplier Korea Electric Power Corp. retreated 1.8 percent, and Naver, the most-used search engine, tumbled 4.3 percent.

The South Korean currency finished at 1,072.4 won against the greenback, down 3.8 won from Wednesday's close.

Bond prices ended lower. Yields on the liquid three-year treasury notes rose 0.1 basis points to 1.843 percent, and the return on the benchmark 10-year government bonds added 3.4 basis point to 2.414 percent. Endi