S.Korean stocks slump on Samsung's earning shock; won falls

Ananti

08/01/2019 07:12

* KOSPI index tumbles, foreigners sell
    * Korean won falls against USD
    * South Korea bond yields down
    * For the midday report, please click  urn:newsml:reuters.com:*:nL3N1Z817F

    SEOUL, Jan 8 (Reuters) - Round-up of South Korean financial
markets:
    
    ** South Korea's KOSPI stock index  .KS11  tumbled on
Tuesday as the country's largest electronics companies flagged
earning shock, chilling investor sentiment. The Korean won fell
while bond yields also fell.
    
    ** Shares of tech giant Samsung Electronics Co Ltd
 005930.KS  closed down 1.7 percent after it surprised the
market on Tuesday with an estimated 29 percent drop in quarterly
profit, blaming weak chip demand in a rare commentary issued to
"ease confusion" among investors already fretting about a global
tech slowdown.  urn:newsml:reuters.com:*:nL3N1Z7621
    
    ** LG Electronics Inc  066570.KS  ended 3.6 percent lower
after the company reported its fourth-quarter operating profit,
while likely fell 80 percent from the same period a year
earlier, far below analyst expectations.  urn:newsml:reuters.com:*:nL3N1Z818O
    
    ** At 06:30 GMT, the KOSPI closed down 11.83 points, or 0.58
percent, at 2,025.27.
    
    ** LG Electronics' fourth-quarter earnings hovered far below
expectations, following that of Samsung Electronics', which
chilled market's expectations on next week's earnings season,
said Huh Jae-hwan, an analyst at Eugene Investment & Securities.
    
    ** Hanjin Heavy Industries & Construction Co Ltd's
 097230.KS  stock plunged 27.4 percent after its Philippines
unit Subic Shipyard filed for court rehabilitation proceedings. 
    
    ** Korea Development Bank said in its statement that the
slump in global shipping and shipbuilding industry has led Subic
Shipyard to file court rehabilitation proceedings, but the
unit's suspension will barely affect the headquarter's business.
 urn:newsml:reuters.com:*:nL3N1Z820R
    
    ** Dongbu Steel Co Ltd's  016380.KS  stock surged nearly 30
percent for a second session after local media report over its
top shareholder Korea Development Bank's plan on stake sale.
Dongbu Steel said on Monday that it has no plan on top
shareholder's stake sale, while it plans to issue new shares to
for new investment and transfer of management control.
 urn:newsml:reuters.com:*:nS6N1Z202S
    
    ** South Korean firms related to North Korea rose after
reports on North's leader Kim Jong Un's visit to China at the
invitation of Chinese President Xi Jinping, amid preparations
for second Kim-Trump summit. Shares of Ananti Inc  025980.KS 
and Namkwang Engineering & Construction Co Ltd  001260.KS 
closed up 19.2 percent and 10.0 percent, respectively.
 urn:newsml:reuters.com:*:nL3N1Z75J3
    
    ** The won was quoted at 1,124.1 per dollar on the onshore
settlement platform  KRW=KFTC , 0.49 percent weaker than its
previous close at 1,118.6.
    
    ** In offshore trading, the won  KRW=  was quoted at
1,123.74 per U.S. dollar, down 0.63 percent from the previous
day, while in one-year non-deliverable forwards  KRWNDFOR=  it
was being transacted at 1,105.85 per dollar.
    
    ** MSCI's broadest index of Asia-Pacific shares outside
Japan  .MIAPJ0000PUS  was down 0.19 percent, after U.S. stocks
ended the previous session with mild gains  MKTS/GLOB . Japanese
stocks  .N225  rose 0.82 percent.
    
    ** The current price-to-earnings ratio is 12.10, the
dividend yield is 1.28 percent and the market capitalisation is
1,242.04 trillion won.
    
    ** The trading volume during the session on the KOSPI index
 .KS11  was 390,699,000 shares and, of the total traded issues
of 898, the number of advancing shares was 370.
    
    ** Foreigners were net sellers of 25,791 million won worth
of shares.
    
    ** The won's high for the year is 1,114.7 per dollar on
January 2 2019 and low is 1,130.05 on January 3 2019.
    
    ** In money and debt markets, March futures on three-year
treasury bonds  KTBc1  rose 0.01 points to 109.29.
    
    ** The Korean 3-month Certificate of Deposit benchmark rate
was quoted at 1.86 percent, while the benchmark 3-year Korean
treasury bond yielded 1.803 percent, lower than the previous
day's 1.81 percent.

 (Reporting by Joori Roh; Editing by Rashmi Aich)
 ((joori.roh@thomsonreuters.com; +82 2 3704 5642; Reuters
Messaging: joori.roh.thomsonreuters.com@reuters.net))