Greek chaos shakes markets
By Cho Jin-seo
Staff reporter
Financial markets in Seoul took a heavy beating Thursday as the malaise created by renewed concerns over the debt crisis in Europe swept the global market, sending foreign investors scrambling for exits.
The benchmark KOSPI lost 1.98 percent, or 34 points, to close at 1,684.91 as foreign investors took flight from the stock market. Cashing out their investments in dollars also caused the won to drop 2.31 percent to end at 1,141.30 to the greenback.
The Greek shock reaffirmed that South Korea and other Asian nations are no exception to the global crisis even though their economies have been relatively vibrant compared to countries in Europe and America. Japan's Nikkei index fell 3.27 percent and Hong Kong's Hang Seng index was also down by 2 percent as of 4 p.m. (KST).
Analysts say that the confusion in the market will continue until today, when the German parliament faces a vote on the first installment of bailout funds to Greece.
"Friday will be a critical point for the stock market in the short term," said Kim Sung-bong, chief analyst at Samsung Securities. He expected the KOSPI to remain volatile at around 1,670, as the vote will take place after the Korean bourse closes. "If Greece gets the funding, then the market can escape the crisis. But that is something that we cannot control."
The main culprit behind the market collapse were foreigners. Overseas investors net sold shares worth 743 billion won, which was the largest sale in 23 months. On the contrary, domestic institutions and retail investors tried to scoop up the stocks at cheap prices with net buying worth 266 billion won and 354 billion won, respectively.
As a result of the capital outflow from Korea, the won-dollar exchange rate saw its largest drop since July 2009.
On the KOSPI, Samsung Electronics lost 2.4 percent and Hyundai Motor lost 1.09 percent; POSCO shares slipped 0.4 percent.
Kim said that this could be a golden opportunity for investors, provided European countries make a sensible decision. "If they do not save Greece, then it will be a very messy result for all of us. Otherwise, I think the Korean stock market will receive ever more attention because it is more attractive than most other countries."
Thursday's panic was expected by most market players in Korea, as they watched markets in Europe fall while the Korean bourse was closed due to the Children's Day holiday on Wednesday. Share prices immediately fell when the market opened, leading financial regulators to try to minimize the damage.
그리스 위기에 금융시장 출렁
유럽의 국가채무 사태에 대한 새로운 우려들이 글로벌 마켓을 휩쓸면서 목요일 서울의 금융시장에서도 외국인 투자자들의 매도 등으로 인한 충격이 닥쳤다.
외국인들의 매수세로 코스피 지수는 34포인트(1.93 퍼센트) 떨어진 1,684.91에 장을 마감했다. 외국인들이 달러로 투자금을 회수해가면서 달러에 대한 원화 환율 역시 2.31 퍼센트 약해진 1,141,30 까지 올라갔다.
목요일의 그리스 쇼크는 상대적으로 빠른 경기 회복세를 보여온 한국이나 다른 아시아 국가들이 글로벌 위기에서 예외가 될 수 없음을 재확인시켰다. 일본의 니케이 지수는 3.27 퍼센트, 홍콩의 항셍 지수 역시 한국 시간 4시 현재 2 퍼센트 하락했다.
증권사 애널리스트들은 이러한 시장의 혼란이 금요일까지는 지속될 것이라 말했다. 금요일에는 독일 의회에서 그리스에 대한 구제금융 첫 번째 지원 분에 대한 표결을 실시한다.
“단기적으로는 금요일이 주식 시장에서 중요한 포인트가 될 것입니다”라고 삼성증권 시황 분석팀 김성봉 팀장이 말했다. 독일 의회의 표결이 금요일 한국 주식시장 마감 후에 열리므로, 그는 코스피 지수가 금요일에도 1,670 근처에서 급변동할 것이라 예상했다. “만일 그리스가 지원을 받게 되면 시장 역시 위기에서 벗어날 것입니다. 하지만 그건 우리가 어찌해 볼 수 있는 문제가 아닙니다.”