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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 Weekend Edition Singapore Asia Pacific World Transporters, builders send Seoul shares lower Reuters - Tuesday, February 22 Send IM Story Print * Foreign investors turn net sellers * Construction plays lose ground on Libya turmoil * Transporters tumble as oil prices spike SEOUL, Feb 22 - Seoul shares fell 1.8 percent on Tuesday as turmoil in Libya pushed down stocks in construction firms operating there and a related spike in oil prices sent transporters like Korean Air Line <003490.KS> tumbling. The Korea Composite Stock Price Index <.KS11> ended down 1.76 percent or 35.38 points at 1,969.92 points. Foreign investors were sellers of a net 320.7 billion won worth of stocks, snapping a three-session buying streak. Transporters tumbled after Brent crude oil prices hit $108 a barrel for the first time since 2008 on Monday on fears that spiraling violence in Libya could lead to wider supply disruptions from the OPEC member. [ID:nLDE71K0TK] Shares in Korean Air Line, the world's top freight carrier among commercial airlines, lost 10.1 percent and Asiana Airlines <020560.KS> declined 10.3 percent. "Korean Air Line is heavily focused on freight, and this makes it highly vulnerable to oil prices as corporate clients may turn to alternatives for deliveries," said Yang Ji-hwan, an analyst at Daishin Securities. "Domestic institutions, which held Korean Air as part of their exposure to the transport sector, are selling heavily as they grow concerned about the longer-term negative effects of rising oil prices," Yang said. Analysts also said Korean Air Line's lack of hedging on oil left it more susceptible to price swings. Construction firms with ties to Libya were also heavily hit. Hundreds of armed Libyans attacked a South Korean-run construction site in Tripoli, sparking a clash in which at least 18 foreigners were hurt, Seoul's foreign ministry said on Monday.[ID:nTOE71K040] The unrest has resulted in losses and injuries in the local operations of Hyundai Engineering & Construction <000720.KS>, Hanmi Parsons <053690.KS> and Shinhan Engineering & Construction <005450.KS>, according to a local media report. Shares in Hyundai E&C tumbled 9.7 percent and Shinhan E&C ended down 3.4 percent. Daewoo Engineering & Construction <047040.KS> lost 6.8 percent. "Overseas orders from oil-rich nations have been practically the only earnings driver for construction firms amid the ongoing downturn in the domestic real estate sector," said Byun Seong-jin, an analyst at Mirae Asset Securities. "A key concern is this unrest could spread across the Middle East, which could sever order flows from the region, dampening the recovery momentum builders were recently gaining," Byun said, adding that shares were unlikely to rise above the levels seen in January for some time. Banks outperformed as investors sought value in sectors that were less directly exposed to the Middle East unrest. "Banks are bouncing as earlier panic about savings banks' financial health has subsided in the midst of other global concerns," said Lim Il-sung, an analyst at Shinyoung Securities. South Korea has unveiled measures to provide cash support to troubled savings banks.[ID:nTOE71F078] "Earnings for this quarter are seen improving as writedowns lessen," Lim added. Shares in KB Financial Group <105560.KS> rose 1.2 percent and Hana Financial Group <086790.KS> climbed 3.4 percent. Trading turnover stood at 6.1 trillion won, compared with average daily turnover of around 7.7 trillion won in January. The KOSPI 200 March futures <KSc1> index fell 4.35 points to 259.60 points. The KOSPI 200 spot index <.KS200> lost 4.42 points to 260.13 points. The junior Kosdaq index <.KQ11> declined 1.64 percent to 512.06 points. Move on day -1.76 percent 12-month high 2,121.06 27 Jan 2011 12-month low 1,532.68 25 MAY 2010 Change on yr -3.95 percent All-time high 2,121.06 27 JAN 2011 All-time low 93.10 6 JAN 1981 Recommend Send IM Story Print Related Articles Russia's Gazprom Neft to borrow $2 bln in 2011 Reuters - 37 minutes ago US-BUSINESS Summary Reuters - 38 minutes ago India c.bank issues monetary policy panel minutes Reuters - 39 minutes ago France signs nuclear agreement with Saudi Arabia Reuters - 42 minutes ago Macy's expects more sales, profit gains this year Reuters - 44 minutes ago News Search Top Stories Libya live report World markets tumble, oil spikes on Libya unrest Moody's lowers Japan rating outlook to 'negative' Social media, cellphone video fuel Arab protests German minister in doctorate plagiarism scandal More Top Stories » ADVERTISEMENT Most Popular Most Viewed Oral sex linked to cancer risk Planet could be 'unrecognizable' by 2050, experts say Machu Picchu victim of own success: UN Social media, cellphone video fuel Arab protests Ink-jet printers inspire scientists to make skin More Most Viewed » More Most Recommended » Elsewhere on Yahoo! 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