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Monday September 17, 11:48 AMSeoul shares slide on Samsung Elec, China playsSEOUL, Sept 17 (Reuters) - Seoul shares fell 0.6 percent on Monday as Samsung Electronics slid on worries about a U.S. probe into potential price fixing in the sector, while firms dependent on China retreated after the country raised interest rates again.But lenders such as Kookmin Bank gained on data showing improving domestic demand, and after Citigroup noted credit quality appeared resilient despite worries about loan exposure to troubled small and mid-sized builders. Trading was cautious overall ahead of the Federal Reserve's policy meeting on Tuesday, which is widely expected to result in lower U.S. interest rates, although there is uncertainty about the size of the move. The benchmark Korea Composite Stock Price Index (KOSPI) dropped 0.6 percent to 1,858.69 points by 0311 GMT. Samsung Electronics Co Ltd fell 1.8 percent to 546,000 won after Japan's Toshiba Corp and SandDisk Corp were among chip makers that said they had received subpoenas that could be part of a U.S. Department of Justice probe into price-fixing in the U.S. flash memory market. [ID:nSEO36686] and [ID:nN14344137] Sectors that have benefited from China's booming economic growth fell after the country raised interest rates for a fifth time on Friday, quickening the pace of monetary tightening days after inflation jumped to the highest level in nearly 11 years. [ID:nPEK134201] POSCO Co Ltd fell 2.5 percent to 597,000 won, retreating from a record on Friday. Separately, the world's fourth-biggest steel maker said it expected global steel markets would remain strong through next year backed by buoyant demand for shipbuilding and steady economic growth. [ID:nSEO112151] But Kookmin Bank gained 1.7 percent to 73,700 won after falling 5.1 percent since Sept. 3 as of the previous session on expectations domestic economic growth will remain robust. Data on Monday had also showed annual growth in sales at the top three department stores hit a 14-month high in August, reinforcing expectations for robust economic growth, sending Hyundai Department Store Co 3 percent higher to 103,000 won. [ID:nSEO130512] Citigroup also noted in a report recent worries about the asset quality in the banking sector, following concerns about loan exposures in potential bankruptcies in the construction sector, appeared overdone. ($1=928.4 Won) |
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