Seoul shares edged down on Wednesday, as disappointing results from a US Federal Reserve policy meeting failed to bolster confidence in a market chilled by persistent European debt woes. Shares across Asia backtracked lower and the euro fell to an 11-month low after Federal Reserve failed to take any steps to stimulate growth and cautioned that market turbulence from Europe's debt crisis posed a serious threat to the US economy.
The Korea Composite Stock Price Index ended down 0.34 percent at 1,857.75. The KOSPI 200 index fell 0.46 percent and the junior KOSDAQ index retreated 0.56 percent. Large-cap tech issues led falls, with Samsung Electronics drifting 0.95 percent lower while LG Electronics shares retreated 1.34 percent. Defensive issues posted gains, with SK Telecom, South Korea's largest mobile carrier, climbing 1.34 percent and food giant Nongshim jumping 3.56 percent.
SK Innovation shares were down 0.93 percent after reports LG Chem had filed a patent lawsuit against the company related to its battery technology for electric cars. KCC Corp extended gains, finishing up 0.87 percent after Moody's affirmed its Baa2 credit rating, and said that its $675 million stake purchase in amusement park operator Samsung Everland would have no negative rating impact.
Comments
Comments are closed for this article.