Forum Views ()
Forum Replies ()
Read more with google mobile :
Seoul shares slip 0.5 pct as China yuan hope wanes
Yahoo!
My Yahoo!
Mail
More Yahoo! Services
Account Options
New User? Sign Up
Sign In
Help
Yahoo! Search
web search
Home
Singapore
Asia Pacific
World
Business
Entertainment
Sports
Technology
Singapore
Asia Pacific
World
Seoul shares slip 0.5 pct as China yuan hope wanes
Reuters - Tuesday, June 22
Send
IM Story
Print
* KOSPI retreats as yuan rally fades, foreign investors sell
* POSCO rises after announcing product price increase
By Jungyoun Park
SEOUL, June 22 - Seoul shares retreated on Tuesday as earlier optimism over China's yuan flexibility faded, while news that South Korea remained under the emerging markets category in the MSCI's equity index had limited impact.
The Korea Composite Stock Price Index <.KS11> ended down 0.47 percent at 1,731.48 points.
"Earlier optimism about yuan has died down a bit and investors grew more cautious. They are waiting for more details, such as the magnitude of the yuan's flexibility," said Kim Young-june, a market analyst at SK Securities.
"It seems the market is taking a bit of breather following its recent sharp gains, as it nears an earlier high. Foreign buying has also halted," said Lee Sun-yeb, a market analyst at Shinhan Investment Corporation.
The KOSPI is just 1.5 percent away from its previous 2010 high of 1,757.76 points.
The MSCI said its decision to maintain South Korea's emerging market status took into account the noted lack of an active offshore market for the Korean won and the limited trading hours of the onshore spot currency market. [ID:nN21266861]
But the KOSPI may be better off without the MSCI upgrade for now, according to Sakthi Siva, managing director at Credit Suisse.
"The pool of capital (that the stock market could access after an upgrade) will be large, but South Korea's weighting will be smaller ... it might be better to be a big fish in a small pond, rather than a small fish in a big pond," Siva told journalists during a luncheon on Tuesday.
Foreign investors were sellers of a net 32.3 billion won worth of shares, snapping their seven-session buying streak.
POSCO <005490.KS> advanced 0.91 percent after the world's No.4 steelmaker said on Tuesday that it would raise prices of its benchmark steel products by around 6 percent from July to reflect rising global steel and raw materials prices. [ID:nSEL003134]
"The rise was a bit smaller than the market had earlier expected, but I think it was a prudent move on POSCO's part, given the uncertain second-half outlook for the industry," said Chung Ji-yun, an analyst at HI Investment & Securities.
Woori Finance Holdings <053000.KS> retreated 3.53 percent amid concern about its exposure to the struggling real estate sector through various project financings, analysts said.
"Some of Woori Bank's project financings seem to have gone bad, and now that we are often hearing of construction companies' financial difficulties, Woori's exposure to the sector is worrying investors," said Lee Hyun-joo, an analyst at Tong Yang Securities.
Korea Exchange Bank <004940.KS> lost 1.86 percent after a local media report late on Monday that private equity fund MBK Partners was the sole bidder submitting a letter of intent to buy a $4 billion controlling stake in KEB. [ID:nTOE65K08F]
"Recent news flows points to a delay in sale of KEB ... in the eyes of potential buyers, KEB has become secondary to the issue of Woori Finance's privatisation," Lee at Tong Yang Securities said.
Airlines and tour issues advanced ahead of the summer holiday season, amid growing expectations demand for overseas tours will be strong this year, following depressed demand last year in the aftermath of financial crisis.
Korean Air Line <003490.KS> gained 1.88 percent and tour agency Hana Tour <039130.KQ> climbed 2.37 percent.
Recommend
Send
IM Story
Print
Related Articles
Regulators update estimated cost of bank busts Reuters - 24 minutes ago
FOREX-Dollar up vs euro on concerns over European banks Reuters - 29 minutes ago
US-BUSINESS Summary Reuters - 30 minutes ago
EU diplomats deadlocked on bank watchdogs: sources Reuters - 30 minutes ago
Europeans act alone on bank tax before G20 Reuters - 32 minutes ago
News Search
Top Stories
Belarus orders shutdown of Europe-bound Russian gas
Mexicans hint that draw will do against Uruguay
Belarus leader orders shutdown of Europe gas transit
US Afghanistan commander ordered to White House
S.African, French football hopes hang by a thread
More Top Stories »
Related Full Coverage
China Economychina economy
All Full Coverage »
ADVERTISEMENT
Most Popular
Most Viewed
France's richest woman moves to defuse scandal
Volvo recalls nearly 30,000 cars
Early menopause doubles risk of heart problems: study
N.Korea picks the wrong game to start live broadcasts
Oil firms challenge US drilling freeze
More Most Viewed »
More Most Recommended »
Elsewhere on Yahoo!
Financial news on Yahoo! Finance
Stars and latest movies
Best travel destinations
More on Yahoo! News
Home
Singapore
Asia Pacific
World
Business
Entertainment
Sports
Technology
Subscribe to our news feeds
Top StoriesMy Yahoo!RSS
» More news feeds | What are news feeds?
Also on Yahoo
Answers
Groups
Mail
Messenger
Mobile
Travel
Finance
Movies
Sports
Games
» All Yahoo! Services
Site Highlights
Singapore
Full Coverage
Most Popular
Asia Entertainment
Photos
World Cup 2010
Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved.
Terms of Service |
Privacy Policy |
Community |
Intellectual Property Rights Policy |
Help
Other News on Tuesday, 22 June 2010 Total of nine NATO soldiers killed in Afghanistan: ISAF
France's richest woman moves to defuse scandal
Afghanistan in focus for top U.N. diplomats
|
US-TECH Summary
Iran bars two U.N. inspectors in nuclear dispute
Internet, technology change high-end art dealing
US Supreme Court overturns ban on GM crop
Volvo recalls nearly 30,000 cars
All feared dead in Congo wreck of mining execs' plane
|
Connecticut, others pursue Google over data grab
Witness
U.S. report ties militancy to Pakistan school woes
|
Kindle and Nook cut prices in battle with iPad
Israel boosts Gaza freight flow as blockade eases
|
Afghan chopper crash kills 3 Aussies, 1 American
US Nobel laureate slams German ECB hopeful
Amazon, Barnes & Noble slash e-reader prices
Wimbledon under way with Federer first up
Colombia rescuers dig for dead after mine blast
|
UN chief to name panel on Sri Lanka rights abuses
Troops out as Indian Kashmir protests civilian killings
Okada, Clinton affirm Japan-US ties
Merciless Portugal rout N.Korea 7-0
Retailers taking orders for Xbox's Kinect at $149.99
|
Thailand's Noppawan knocked out in first round
Software cuts CT radiation dose in half : U.S. study
|
Connecticut, others pursue Google over data grab
|
Tech firms more trusted than Facebook: poll
|
India eyes double-digit economic growth by 2013
Asians make the most payments with mobile phones: research
Taiwan's UMC, Japan's Elpida team up on 3D technologies
AIG, HK consortium extend deadline for deal
Strike forces cancellation at Milan's La Scala
Japan distributor to show 'The Cove' despite protests
Morgan Freeman guest of honor at Sarajevo film festival
Oliver Stone's 'South of the Border' highlights festival
Former Jackson bodyguard drops UK libel action
Music business badly needs Eminem's "Recovery"
Istanbul blast rocks bus carrying soldiers,
Gazprom cuts Belarus gas supply by 30 percent
Ban on UN inspectors is 'notice' to IAEA: Iran
10 dead in Afghanistan as NATO frictions emerge
Google, Twitter go to bat for Theflyonthewall
UK braces for the axe to fall in emergency budget
Istanbul blast rocks bus carrying soldiers
|
US general apologizes for 'poor judgment'
US probes Google Street View data grabs
Prosecutor to probe alleged Swedish link to Sudan war crimes
Early menopause doubles risk of heart problems: study
U.S. indirectly funding Afghan warlords: House report
|
U.S. meets with industry reps over broadband authority
Senior cardinal accused of corruption issues defence
Britain's Afghan envoy takes leave 'amid tensions'
Oil firms challenge US drilling freeze
Intel says in talks to settle US antitrust probe
Foreign banks hit in proposed new U.S. Iran sanctions
Heavy rains in south China trigger dyke threat
|
Barak tells U.N. to shelve flotilla raid probe plan
Amazon, Barnes & Noble slash e-reader prices
Kindle and Nook prices cut in battle with iPad
Barak tells U.N. to shelve flotilla raid probe plan
|
Israeli panel revives East Jerusalem housing plan
CNN drops Associated Press
US commander in Afghanistan apologizes for article
Software cuts CT radiation dose in half : U.S. study
Afghanistan in focus for top U.N. diplomats
|
Retailers taking orders for Xbox's Kinect at $149.99
Aides to U.S. general in Afghanistan slam Obama
Pop Singer Charice Joins The Cast Of "Glee"
SEC Charges ICP Asset Management With CDO Fraud
Dutch murder suspect keeps mum after retracting confession
Supreme Court Says Human Rights Advocates Can Be Prosecuted For Advising Terrorists
Planned mosque near NY's Ground Zero sparks debate
Stocks Sell Off Late, U.S. Markets Close Lower
Tight security for 'Red Shirt' general's cremation
Global Weather-Celsius
Early Menopause Linked To Cardiovascular Disease
Indonesian rock star surrenders over web sex clips
Times Square Bombing Suspect Has Arraignment Delayed
Muslim group urges sensitivity in China's Xinjiang
BP Oil Spill Costs Hit $2 Billion
Hong Kong political reform likely to go ahead
Obama Shares Virtues Of Fatherhood
"American Idol' Lowers Minimum Age Limit To 15
Japan worker kills one in car plant attack: report
Heavy rains in south China trigger dyke threat
Crist Widens Lead In Florida Senate Race
Amazon, Barnes & Noble slash e-reader prices
|
Philippines' Arroyo leaves problems in her wake
Politician main suspect in Philippine press murder: police
Google, Twitter go to bat for Theflyonthewall
|
Congo plane crash, 10 bodies found
Intel and FTC talk settlement of market abuse suit
|
China takes first step to honour yuan pledge
Hewitt leads Aussie charge at Wimbledon
Korea T-bond futures selling by foreign investors at 6-mth high
Seoul shares slip 0.5 pct as China yuan hope wanes
PIMCO: S.Korea fx rules welcome, to curb volatility
NZ watchdog secures record payout to fund investors
Japan nearly doubles economic growth forecast
S.Korea flags tighter fx rules for foreign banks
Impressionists back in favour at auctions
Inflation main risk in emerging economies
Keeping cool making Hong Kong hotter
Mobile phones make movies at Paris festival
PAKISTAN
US-ENTERTAINMENT Summary
Slipknot bassist died of "accidental" overdose
S.African fans up the football fashion game
"Toy Story 3" tops film merchandise shipments
NZ credit card billings rise in May
Hilarious UK puppet comedy rewrites World War II
Helen Mirren shines in tawdry brothel tale
"Memphis Beat" an arresting cop drama
South Korea Detects Radiation After Nuclear Fusion Test In North Korea
Pakistani Lawyer Seeks Death Penalty For Facebook Founders
American Idol accepts 15 year-olds, no word on new judge
|
Slipknot bassist died of accidental overdose
|
Hollywood faces new piracy threat
|
HBO renews True Blood for Season 4
|
Johnny Depp off for more adventures in Pirates
|
Cuba's Buena Vista Social Club to play U.S., Europe
|
World Cup ratings hit a 16-year high in U.S.
|
Toy Story 3 tops film merchandise shipments
|
Helen Mirren shines in tawdry brothel tale
|
Iran ready to talk to atomic agency
U.N. to remove Taliban from blacklist: Karzai
|
Britain vows to eliminate deficit in five years
New killings in campaign against Iraqi ex-insurgents
Technology "sweeping away" books, says Stoppard
Belarus leader orders shutdown of Europe gas transit
Refugees return to shattered Kyrgyz city
|
S.African, French football hopes hang by a thread
Charges dropped in World Cup miniskirt case
China says concerned about South Korea-U.S. drill
|
Britain cuts spending, hikes taxes in budget
N.Korea picks the wrong game to start live broadcasts
French cannibal prisoner 'fried cellmate's lungs'
Health official killed in northern Afghanistan
New killings in campaign against Iraqi ex-insurgents
|
Istanbul bomb kills four as Kurdish violence flares
NATO, Afghan forces capture senior Taliban figure
Finnish parliament elects female prime minister
Around 60 killed and hundreds hurt in Congo train crash
|
Greece to compensate tourists for strike delays
Hundreds reported missing, 38 dead in Brazil floods
|
Finland expected to appoint second woman PM
Woman was behind Afghan suicide attack: ministry
|
Iran bars two U.N. inspectors in nuclear dispute
|
US Afghanistan commander ordered to White House
Afghanistan commander ordered to White House
Thousands at risk from dyke breach in China
US general McChrystal apologizes for magazine remarks
Pakistani Taliban want exchange of prisoners
Study Warns Pakistan Continues Support To Terror Groups
Australia restores race laws after Aboriginal crackdown
Times Square Bombing Suspect Pleads Guilty
Pakistani stocks up; rupee firmer; o/n rates down
China says "concerned" about South Korea-U.S. drill
Lady Gaga To Reveal New Album Title Via Tattoo
Crystal Bowersox Gets Record Deal With 19 Recordings
Most Asian shares down as traders sell off gains
Coconino National Forest Wildfire Grows To 10,000 Acres
FDA Warns Consumers to Avoid Magic Power Coffee
South Korea won down on yuan, regulation worries
McChrystal Apologizes For Comments On Administration Officials
S.Korea POSCO raises steel prices 6 pct from July
Amazon, Barnes & Noble slash e-reader prices
|
Phil Keoghan To Host New Velux 5 Oceans Race Reality Series
Thousands Grapple With Power Loss Following Tornado In Wisconsin
Google to launch music service: report
|
EU threat to Sri Lanka trade over human rights
RIM's new BlackBerry may overshadow quarterly results
|
Seoul shares slip 0.5 pct as China yuan hope wanes
Actor Orlando Bloom to marry Australian model Miranda Kerr
Google, Twitter go to bat for Theflyonthewall
|
HBO renews "True Blood" for Season 4
Hollywood faces new piracy threat
Intel and FTC talk settlement of market abuse suit
|
Retailers taking orders for Xbox's Kinect at $149.99
|
Software cuts CT radiation dose in half : U.S. study
|
Technology sweeping away books, says Stoppard
|
Connecticut, others pursue Google over data grab
|
Actor Orlando Bloom to marry Australian model Miranda Kerr
Internet, technology change high-end art dealing
|
Fashion goes green at Milan men's shows
Billionaire Playgrounds 2010
World's Worst Countries For Jobs
Asia's Expensive Restaurants
China's quake mothers torn between grief and joy
HBO renews "True Blood" for Season 4
Hollywood faces new piracy threat
Lady Gaga says has finished new album
|
Actor Orlando Bloom to marry Australian model Miranda Kerr
|
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights