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bassexpander
Joined: 13 Sep 2007
Location: Someplace you'd rather be.
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 Posted: Thu Jan 15, 2009 2:26 am Post subject: Won slowly creeping back to poor levels. May dump tomorrow. |
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The Korean won has been slowly going to crap again, and this recent article (lead this late afternoon) won't help it at all tomorrow. We were at 1366 before today. Anyone see what it closed at?:
http://english.yonhapnews.co.kr/business/2009/01/15/0503000000AEN20090115008800320.HTML
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Moody's considers possible ratings downgrade of 10 S. Korean banks
SEOUL, Jan. 15 (Yonhap) -- Moody's Investors Service said Thursday that it is reviewing a possible ratings downgrade of 10 South Korean banks to reflect concerns related to foreign currency obligations.
The banks being reviewed are Citibank Korea Inc., Export-Import Bank of Korea, Hana Bank, Kookmin Bank, Korea Development Bank, Industrial Bank of Korea, Shinhan Bank, Woori Bank, Woori Financial Holdings and a lender operated by the National Agriculture Cooperative Federation, it said. |
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afsjesse
Joined: 23 Sep 2007
Location: Kickin' it in 'Kato town.
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| Posted: Thu Jan 15, 2009 2:30 am Post subject: |
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| When I left it was over 1400. |
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bassexpander
Joined: 13 Sep 2007
Location: Someplace you'd rather be.
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| Posted: Thu Jan 15, 2009 2:32 am Post subject: |
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| We got to around 1250 a few weeks ago. Things have been reversing since. |
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bassexpander
Joined: 13 Sep 2007
Location: Someplace you'd rather be.
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| Posted: Thu Jan 15, 2009 2:47 am Post subject: |
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Ah, we have our dump -- some of it today, anyway:
http://www.koreatimes.co.kr/www/news/biz/2009/01/123_37921.html
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KOSPI Plunges 6%, Won Loses 3.3%
By Kim Tae-gyu
Staff Reporter
For the last one-and-a-half months, domestic financial markets have shown signs of stability ― the stock index stayed strong and the foreign exchange rate remained stable.
Some observers even expected an imminent mini-rally, but all the hype seemed to be destroyed Thursday as stock prices plunged and the won-dollar rate surged to remind investors of the nightmarish October and November last year.
The benchmark KOSPI plummeted 71.34 points, or 6.03 percent, to close at 1,111.34 points, the worst since Dec. 12 in terms of the closing price. The tech-loaded Kosdaq went down 21.28 points, or 5.84 percent, to 343.35.
The local currency also sharply depreciated against the greenback as the won-dollar exchange rate rocketed 3.3 percent to 1,392 won per dollar, the highest since Dec. 10.
Experts are worried that investors may be as fearful as they were in October and November when the Seoul bourse suffered a freefall after a bout of panic selling.
``Bad news started to chill investor sentiment, from Citigroup worries to worse-than-expected macroeconomic indicators, including a rising unemployment rate,'' Samsung Securities analyst So Jang-ho said.
``The financial market could struggle because the difficult earnings season is likely to further weigh on the bourse,'' So said.
Despite a large-scale rescue package in late 2008, Citigroup plans comprehensive downsizing measures ― including the sale of several businesses ― to ensure its survival.
According to the National Statistical Office this week, the country's jobless rate rose to 3.3 percent in December, from 3.1 percent a year ago. It was the first decline in more than five years.
So projected that the KOSPI may fall to as low as the psychologically important 1,000 level.
``Investors are downbeat, as the earnings season is feared to be much more worrisome than originally expected,'' Woori Securities researcher Lawrence Kim said.
``In particular, Samsung Electronics' performance is drawing attention. I hope the company will beat market expectations so as not to weigh on already fragile sentiment,'' he said.
Samsung Electronics, the country's foremost firm by any measure, will announce its fourth-quarter performance of 2008 on Jan. 23.
The consensus is that the world's top maker of memory chips and flat-panel displays will suffer a deficit for the first time since 2000, when it started to compile quarterly results.
Amid the current climate, most market leaders lost value Thursday. Samsung Electronics shed 6.13 percent to hit 459,500 won, while top carmaker Hyundai Motor trimmed 10.42 percent to 43,000 won.
Seoul-based KB Financial Group, the holding company of primary lender Kookmin Bank, declined 9.16 percent to 35,200 won while its cross-city rival Shinhan Financial Group also tumbled 6.25 percent to 30,000 won.
A total of 359.2 million shares changed hands, worth 4.49 trillion won. The losers overwhelmed the winners 780 to 67, with nine shares reaching the daily limit down of 15 percent.
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ChinaBoy
Joined: 17 Feb 2007
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| Posted: Thu Jan 15, 2009 5:05 am Post subject: |
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| I'm surprised things are as good as they are in Korea. It's an export-based economy that's going to suffer worse than the others. |
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chickenpie
Joined: 24 Dec 2008
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| Posted: Thu Jan 15, 2009 6:07 am Post subject: |
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I hope it keeps like this for an other 2 months.  |
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