Seoul Marks Time; U.S. Rate Cut Seen

Share prices on the Korea Stock Exchange fell for a third consecutive day Monday, affected by the decline on Wall Street over the weekend and a weakening local currency, but the loss was less than 1 percent.

The benchmark Korea Composite Stock Price Index, or Kospi, was off 1.8 percent in early trading, but rebounded later amid growing expectations of a drastic interest-rate cut by the U.S. Federal Reserve Board on Tuesday in New York.

The Kospi ended down 4.34 points, or 0.81 percent, at 534.33. Trading volume was extremely thin, the lowest level this year at 254 million shares valued at 1.19 trillion won ($916 million).

Declining issues beat gainers 515 to 283, with 66 other stocks unchanged. Six shares tumbled by the daily limit of 15 percent, while 17 jumped by that limit.

Key large-capitalized issues ended lower to burden the index. Samsung Electronics Co. sank 2.31 percent to 190,000 won, and Pohang Iron & Steel Co. was off 0.65 percent at 92,000 won. Buoyed by foreign buying, SK Telecom Co. was up 0.73 percent at 206,500 won. Financial stocks were generally higher on expectations of a U.S. rate cut. Hyundai Securities Co. rose 4.94 percent to 5,950 won. Shinhan Bank added 4.52 percent to 11,550 won, while H&CB gained 4.23 percent to 24,650 won.

The Kosdaq market was virtually unchanged at 71.33, down from 71.33. Korea Telecom Freetel was down 0.91 percent at 38,000 won, while Hanaro Telecom Co. rose 0.32 percent to 3,130 won.

by Kim Hyun-chul