South Korean shares opened sharply lower Tuesday as investors offloaded stocks following a slide on Wall Street and amid concerns that Greece is slipping closer to a default.
The Korea Exchange briefly halted program trading to alleviate some of the selling momentum after the main Korea Composite Stock Price Index share index fell over 5%.
The Kospi was down 5.1% at 1,678.62. Losses are broad-based, with construction, technology and chemical stocks leading the decliners. Bellwether Samsung Electronics was down 5.2%, while LG Display was 7.1% lower.
“The Kospi will likely be pressured further down from here with investor sentiment fast freezing up,” said Tong Yang Securities’ analyst Lee Jae-mahn.
The Korean won was also under heavy selling pressure, with the Bank of Korea suspected of stepping into the market to support the local currency. The dollar was last at KRW1,199.80, compared with KRW1,178 late Friday.
Korean markets were closed Monday for a national holiday.
Source The Wall Street Journal
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With so much money on the books loaned to Greece buy the European nations, it will be hard to hide that bad debt when Greece defaults. So, unlike the 2008 situation in the USA where the banks could lie because the build up to crisis was not in the daily news, the remaining nations ability to leverage loans fades in a flash. The one default should cause many more by . . . default.
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