Seoul Shares Touch 3-week Low as China Worries Persist

MarineLink.com
Wednesday, March 12, 2014

By Se Young Lee, Reuters

Seoul shares fell in early domestic trade Wednesday, touching a near-three week low as persisting worries about China's economic growth outlook cut appetites for riskier assets.

The Korea Composite Stock Price Index (KOSPI) was down 1.2 percent at 1,939.86 points as of 0215 GMT. The index earlier traded as low as 1,938.60, its weakest level since Feb. 20.

A sharper-than-expected slowdown in China would likely hurt earnings of major local manufacturers, as the world's second-largest economy is South Korea's biggest exports market.

"Investors have yet to shake their concerns about corporate debt default and shadow banking" in China, said E-Trade Investment analyst Choi Kwang-hyeok.

Foreigners were net sellers of local stocks on Wednesday, and were on track for a third consecutive session of outflows.

Shares of steelmakers and chemical producers were broadly lower as concern about China's economy continued to raise worries about companies' performance. Lotte Chemical Corp. was down 4.7 percent while Hyundai Steel Co. was off 2.8 percent.

Worries about the global economic recovery also hurt shipbuilders. Shares of Daewoo Shipbuilding & Marine Engineering Co. were down 3.7 percent, while shares of Samsung Heavy Industries Co. were 2.8 percent lower.

Decliners outnumbered advancers 649 to 138.

The KOSPI 200 benchmark of core stocks was down 1.3 percent, while the junior KOSDAQ was 1.2 percent lower.

(Reporting by Se Young Lee; Editing by Richard Borsuk)

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Damen Outfitting First of Nine Bahamas Patrol Boats

The first of nine Damen Stan Patrol 3007s ordered by the Royal Bahamas Defense Force has arrived at Damen Shipyards Gorinchem in the Netherlands for outfitting.

Liquefaction Terminals to Dominate LNG Capital Expenditure

Capital expenditure (Capex) on global LNG facilities is expected to total $259 billion (bn) over the period 2015-2019, with investments expected to be 88% larger

New Chinese Shipyard Launches First Ship

The new shipyard facility of Honghua Offshore Oil & Gas Equipment Company in Jiangsu, China, has launched its first ship, an IMT982 Platform Supply Vessel. The vessel,

Finance

Oil is on the Rise

Oil prices rose in early trading on Monday as Asian markets opened strongly into a holiday-shortened week and as consensus spread that Brent crude prices would

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

US Plans to Shut Royalty Loophole on Coal Exports

U.S. coal companies will no longer be able to settle royalties at low domestic prices when they make lucrative sales to Asia according to reforms proposed by the Interior Department on Friday.

News

Port Workers in Argentine Grain Hub End Strike

Port workers in part of the Argentine grains hub of Rosario lifted a work stoppage on Friday, only a day after they went on strike over demands for higher year-end bonuses, a union official said.

Madsen to Chair Norway’s Research Council Executive Board

Henrik O. Madsen appointed chairman of the executive board of the Research Council of Norway   DNV GL president and CEO Henrik O. Madsen was appointed as chairman

Larger Tankers May Offer Better Return Chances

Investors looking for returns in the tanker markets can invest their capital in a variety of ways. Should an owner invest in a VLCC or an Aframax? How about an

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2680 sec (4 req/sec)