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South Korea Shares Pounded By Morning Selling; Kospi Falls 9.9%
WSJ ^
| 08/08/11
Posted on 08/08/2011 8:58:56 PM PDT by TigerLikesRooster
South Korea Shares Pounded By Morning Selling; Kospi Falls 9.9%
SEOUL (Dow Jones)--South Korean shares were hammered by waves of selling Tuesday morning, driving the main Kospi stock index down as much as 9.9% and prompting the market operator to briefly suspend program trading.
Selling dragged down most of the market, with banks and brokerages particularly hard hit. A surge of sell orders from foreign investors was the main driving force behind the selloff. At 0250 GMT the Kospi was down 8.4%.
The market is in "panic" and "making any kind of comment would be meaningless...people are throwing stocks away for bonds and cash," said a fund manager with a local asset management firm.
Program trading on the Kospi was halted from 0019 GMT to 0024 GMT as Korea Exchange tried to arrest the selling momentum. On the Kosdaq market for small caps, all trade was suspended briefly as the index fell more than 10%, the trigger for a total trading halt.
Officials convened hastily arranged meetings to discuss the turmoil.
The Financial Supervisory Service said it would strengthen its monitoring of the domestic stock market for any rumors or unfair trading and would guide brokerage firms, national pension funds and asset managers to help stabilize the stock market
(Excerpt) Read more at online.wsj.com ...
TOPICS: Business/Economy; Foreign Affairs; News/Current Events
KEYWORDS: kopsi; plunge; skorea; stock
To: TigerLikesRooster; PAR35; AndyJackson; Thane_Banquo; nicksaunt; MadLibDisease; happygrl; ...
It seems S. Korean stock market is a place where foreigners park their short-term reserve money. When a crisis hits, they must be withdrawing it to put out the financial fire elsewhere.
2
posted on
08/08/2011 9:01:46 PM PDT
by
TigerLikesRooster
(The way to crush the bourgeois is to grind them between the millstones of taxation and inflation)
To: TigerLikesRooster
Much ado about nothing. The Senate is going to investigate S&P and get this worked out. I also hear Obummer is having closed door meetings. Things will be right as rain in no time.
3
posted on
08/08/2011 9:02:38 PM PDT
by
Lazlo in PA
(Now living in a newly minted Red State.)
To: Lazlo in PA
That’s nice. Shoot a couple of analysts at S&P and financial market miraculously recovers. Why didn’t I think of that? :-)
4
posted on
08/08/2011 9:05:05 PM PDT
by
TigerLikesRooster
(The way to crush the bourgeois is to grind them between the millstones of taxation and inflation)
To: TigerLikesRooster
5
posted on
08/08/2011 9:05:55 PM PDT
by
ken21
(ruling class dem + rino progressives -- destroying america for 150 years.)
To: TigerLikesRooster
To: TigerLikesRooster
Wow, and the WHOLE WORLD wanted Mr. Obama to be elected. I wonder how the rest of the world feels now. We shouldn´t be following any leader so closely. We need to use our logic, our skills, our reason and not be whipped up in passionate terms to fight Obama´s wars.
To: rovenstinez
They all conveniently forgot that they enthusiastically embraced him not long ago.
8
posted on
08/08/2011 9:12:04 PM PDT
by
TigerLikesRooster
(The way to crush the bourgeois is to grind them between the millstones of taxation and inflation)
To: TigerLikesRooster
Shoot a couple of analysts at S&P and financial market miraculously recovers. Why didn’t I think of that? :-)
Because you are not a Communist loving economic incompetent like this guy who is heading the lynching of S&P in the Senate.
Tim Johnson, Chairman of the Senate Banking Committee.
9
posted on
08/08/2011 9:16:43 PM PDT
by
Lazlo in PA
(Now living in a newly minted Red State.)
To: TigerLikesRooster
And the American parasite continues to feed...
10
posted on
08/08/2011 9:19:44 PM PDT
by
chris37
(representative)
To: TigerLikesRooster
"South Korea Shares Pounded By Morning Selling; Kospi Falls 9.9%" Folks we could very well be seeing the Real Start of the 2nd Great Depression!
11
posted on
08/08/2011 9:21:52 PM PDT
by
Mad Dawgg
(If you're going to deny my 1st Amendment rights then I must proceed to the 2nd one...)
To: TigerLikesRooster
12
posted on
08/08/2011 9:42:37 PM PDT
by
dragnet2
(Diversion and evasion are tools of deceit)
To: TigerLikesRooster
That’s nice. Shoot a couple of analysts at S&P and financial market miraculously recovers. Why didn’t I think of that? :-)
It would be like the British Royalty harrasing Issac Newton back in the 1600's because they wanted to repeal the laws of Physics.
13
posted on
08/08/2011 9:43:13 PM PDT
by
wjcsux
("In a time of universal deceit, telling the truth becomes a revolutionary act." - George Orwell)
To: Lazlo in PA
“ole Timmy looks like he has the mother of all hemarroids!
14
posted on
08/08/2011 9:55:55 PM PDT
by
july4thfreedomfoundation
(Obama inherited a mild recession from George W. Bush and turned it into a major depression.)
To: TigerLikesRooster
15
posted on
08/08/2011 10:21:50 PM PDT
by
GeronL
(The Right to Life came before the Right to Happiness)
To: TigerLikesRooster; ex-Texan
It continues....In early Asia trading Tuesday, Hong Kong’s Hang Seng index is down nearly 6 percent, while Japan’s Nikkei index is nearly 4 percent lower. Seoul’s KOSPI index is down nearly 7 percent. Stocks in Shanghai are down about 1 percent.
16
posted on
08/08/2011 11:02:43 PM PDT
by
M. Espinola
(Freedom is never 'free'.)
To: TigerLikesRooster
I think it has more to do with the high portion of Korea’s GDP that is export dependent.
If growth is slowing and may slow further in USA and EU some of Korea’s biggest exporters will have lower sales and revenue.
17
posted on
08/09/2011 4:20:24 AM PDT
by
Wuli
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