Seoul shares fall 0.8 pct as builders lose ground

Thu Nov 26, 2009 7:03am GMT
 
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* KOSPI retreats on institutional selling

* Builders fall on news of Dubai firms' financial troubles

* Investors await U.S. Black Friday shopping data (Updates to close)

By Jungyoun Park

SEOUL, Nov 26 (Reuters) - Seoul shares fell 0.8 percent after volatile trade on Thursday, as builders sank on order worries following news of financial troubles at Dubai's flagship state-owned companies, but techs and retail issues lent support.

The Korea Composite Stock Price Index (KOSPI) ended down 0.77 percent at 1,599.52 points.

"Market participants are broadly acting with more caution now as they wait to see how holiday shopping activity goes during the Black Friday weekend," said Lee Sun-yeop, a market analyst at Shinhan Investment Corporation.

"Builders' falls on the Dubai World news was a blow to markets today," Lee added.

Shares in construction issues lost ground, with Samsung C&T (000830.KS) leading losses, after news of financial troubles at state-owned Dubai World and property group Nakheel.[ID:nGEE5AO1HM]   Continued...

 

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