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9 months ago
S.Korea stocks shaky, Samsung Elec tumbles on deepening phone recall crisis
October 10, 2016 / 3:22 AM / 9 months ago

S.Korea stocks shaky, Samsung Elec tumbles on deepening phone recall crisis

3 Min Read

* Samsung Elec drops more than 4 pct on phone recall crisis
    * Won expected to linger around 1,110 level -analyst

    SEOUL, Oct 10 (Reuters) - South Korean shares started the
week on a tentative footing on Monday as investor confidence
took a hit from a tumble in Samsung Electronics stock amid a
deepening phone recall crisis.
    The Korea Composite Stock Price Index (KOSPI) was
down 0.05 percent at 2,052.69 points as of 0256 GMT.
    The market was already on the defensive after
weaker-than-expected U.S. jobs data. 
    Samsung Electronics shares dropped as much as
4.6 pct, their biggest loss in a month, after a South Korean
government agency on Monday said it is monitoring reports that
some of its new Galaxy Note 7 smartphones have caught fire amid
a deepening recall crisis for the tech giant. 
    Shares of Doosan Infracore Co Ltd, the top
shareholder of Doosan Bobcat, plunged as much as 13 percent to
their lowest intraday level in over 3 months as Doosan Bobcat
dropped plans for an up to 2.45 trillion won ($2.20 billion)
initial public offering. 
    Offshore investors sold a net 47.3 billion Korean won worth
of KOSPI shares near mid-session while institutions purchased a
net 275.8 billion won worth. 
    Advancers outnumbered decliners 503 to 289.
    The South Korean won edged up early on Monday after
the weaker than expected U.S. jobs data. 
    The won was quoted at 1,113.3 per dollar, up 0.2
percent compared to the previous close of 1,115.5.
    "The currency's further gain seems unlikely since most of
the Federal Reserve officials' support for December rate hike
seems little affected by the data," said Jung Sung-yoon, a
foreign exchange analyst at Hyundai Futures.
    He said markets will keep a close eye the Fed's last policy
meeting minutes which will be released later this week.
    December futures on three-year treasury bonds were
even at 110.72. 
    
                       0253 GMT    Prev close
 Dollar/won             1,113.3       1,115.5
 Yen/won             10.8009/56       10.8293
 *KTB futures            110.72        110.72
 KOSPI                 2,052.79      2,053.80
 * Front-month futures on three-year treasury bonds

 (Reporting by Dahee Kim; Editing by Shri Navaratnam)

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