S. Korean Stocks Decline, Led by Samsung Electronics, Exporters
By Young-Jo Bae
quote.bloomberg.com
Seoul, May 6 (Bloomberg) -- South Korean stocks fell, led by Samsung Electronics Co., after the U.S. posted its highest jobless rate since August 1994 and slower-than-expected growth in service industries, casting doubt on the strength of a profit recovery in exporters' largest market.
``Exports may not rebound as much as investors expected in the latter half as the U.S. economy is showing mixed signs,'' said Kim Woo Sik, who manages 300 billion won ($233 million) at Daehan Investment Trust Management Co. Kim said the Kospi may fall to as low as 830.
The Kospi index fell for a second day, losing 16.14, or 1.9 percent, to 840.51. The over-the-counter Kosdaq lost 0.75, or 1 percent, to 75.73.
Samsung Electronics Co., the biggest computer-memory-chip maker, lost 12,500 won, or 3.4 percent, to 357,500.
The following stocks are active. The stock symbol is in brackets after the company's name:
Daewoo Shipbuilding & Marine Engineering Co. (4266 KS ) rose 110 won, or 1.2 percent, to 9160. The world's second-largest shipbuilder will begin buying back 6 million of its own shares, or 3 percent of its outstanding shares; it plans to dispose them, Korea Economic Daily said, citing an unidentified company official. |
