Punters Cash Out After Market Rise

Seoul equity markets were mixed Friday, with the key Kospi index up 0.21 percent on strong foreign buying, analysts said. On the Kosdaq market, retail investors took profits after the index's recent rise, sending the index down just over 1.2 percent.

The Korea Composite Stock Price Index rose 1.29 points to 604.92. Trading volume was 317 million shares valued at 1.84 trillion won ($1.48 billion). But declining issues outnumbered gainers 487 to 317 with 60 other stocks unchanged. A total of 29 issues were up by the daily limit of 15 percent, while six issues fell by that limit.

The index rose above the 610-point mark in early trading, but profit-taking by individual retail investors pared much of the gain.

"Sentiment was dampened by the overnight weakness in the U.S. Nasdaq futures index and an upturn in local interest rates following a warning by the central bank's governor against the overheated government bond market," said Kim Jung-Pyo, an analyst at Kyobo Securities Co.

Samsung Electronics Co. added 2.91 percent to 212,500 won. Some other key blue chips also rose, leading the day's gains. SK Telecom Co. was up 1.24 percent at 245,000 won, and Pohang Iron & Steel Co. rose 0.31 percent to 96,000 won.

Limiting gains, Hyundai Electronics Industries Co. was off 4.19 percent at 4,460 won.

Brokerage shares, which have risen sharply recently, were mixed. Good Morning Securities Co. added 3.57 percent to 5,800 won, while Samsung Securities Co. dropped 1.5 percent to 36,000 won.

The Kosdaq market ended a six-day winning streak. Its composite index lost 1.06 points to close at 86.32. Volume was extremely heavy at 622 million shares worth 4 trillion won.

Losses were seen across the board, but three major Internet stocks finished higher.

Daum Communications Inc. rose 1.37 percent to 36,900 won, and Serome Technology put on 5.44 percent to 22,300 won. HaanSoft was up 1.29 percent at 7,830 won.

by Kim Hyun-chul