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S.Korean stocks fall on worry about geopolitical risks

Xinhua, April 11, 2017 Adjust font size:

South Korean stocks fell Tuesday on growing worry about geopolitical risks, caused by the re-deployment of a U.S. aircraft carrier and its accompanying battleships to the Korean Peninsula.

The benchmark Korea Composite Stock Price Index (KOSPI) shed 9.47 points, or 0.44 percent, to settle at 2,123.85. Trading volume stood at 460.2 million shares worth 4 trillion won (3.5 billion U.S. dollars).

The main index kept declining for the sixth consecutive trading session on news reports that the USS Carl Vinson aircraft super-carrier and its accompanying destroyers and cruisers are heading toward the peninsula.

According to Yonhap news agency report, the U.S. Carl Vinson Strike Group is expected to arrive in waters off the peninsula around this Saturday.

Market watchers said it was be less likely for the geopolitical risks to continue in the long run, but they cautioned about the short-term correction in the stock market

Foreign investors were net sellers for the seventh straight session by dumping stocks worth 127 billion won. Retail and institutional investors bought shares worth 32 billion won and 98 billion won respectively, limiting the KOSPI's further decline.

Market bellwether Samsung Electronics lost 0.8 percent, and top automaker Hyundai Motor declined 2.4 percent. The biggest auto parts maker Hyundai Mobis shed 1.6 percent, and the most-used search engine Naver tumbled 5.9 percent.

South Korea's currency finished at 1,145.8 won against the greenback, down 3.6 won from the previous close. The rising geopolitical risks boosted concern about the local currency.

Bond prices ended higher. Yields on the liquid three-year treasury notes lost 2.9 basis point to 1.693 percent, and the return on the benchmark 10-year government bonds fell 4.9 basis points to 2.204 percent. Endit