S.Korea's steel shares drop on escalating U.S.-China trade tensions

Dongkuk Holdings Co

04/10/2018 04:02

** South Korean steel shares fall with the country's top
steelmaker Posco  005490.KS  leading the losses by 6.1 pct
    ** Report that China stopped U.S. crude oil shipments hurt
investor sentiment over cyclical shares as it showed the
escalating U.S.-China tension, says Baek Jae-seung, an analyst
at Samsung Securities
    ** The U.S. crude oil shipments to China have "totally
stopped" as the trade war between the world's two biggest
economies takes its toll on what was a fast growing businesses,
said the President of China Merchants Energy Shipping Co (CMES)
on Wednesday  urn:newsml:reuters.com:*:nL4N1WJ1PC
    ** Dongkuk Steel Mill  001230.KS  plunges 6.1 pct, while the
sub-index for iron, steel & metal  .KS34  tumbles 3.7 pct
    ** Other cyclical shares such as LG Chem  051910.KS  and
Lotte Chemical  011170.KS  fall 5.8 pct and 6.7 pct,
respectively
    ** The broader market  .KS11  edge down 1.2 pct as of 0248
GMT

 ((joori.roh.thomsonreuters.com@reuters.net))