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Korea Hot Stocks - Crude refiners fall on weaker won

Sun Mar 1, 2009 8:52pm EST

Stocks

   

SEOUL, March 2 (Reuters) - Stocks on the move on Monday include:

As of 0137 GMT, the main KOSPI was down 3.44 percent at 1,026.48 points.

The index opened 1.79 percent lower at 1,044.28 points.

**CRUDE REFINERS TUMBLE AS WON TURNS WEAKER**

Shares in crude refiners fell across the board on Monday as the won KRW= hit a fresh 11-year low against the U.S. dollar. [ID:nSEO254283]

"Crude refiners have heavy foreign currency debts as they import crude oil from overseas, and such rapid weakening in the domestic currency adds to their debt burden," said Lee Hee-cheol, an analyst at HI Investment & Securities.

SK Energy (096770.KS) fell 4.0 percent and GS Holdings (078930.KS), the holding firm of GS Caltex, lost 6.27 percent.

Honam Petrochemical Corp (011170.KS) sank 6.06 percent.

0038 GMT

(Reporting by Jungyoun Park; Editing by Jonathan Hopfner)



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