Stocks End Down On Tumbles in U.S.

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Stocks End Down On Tumbles in U.S.

Seoul stocks dropped sharply Monday on Friday's tumbles on Wall Street and the decision by creditor banks over the weekend to provide Hyundai's debt-ridden affiliates fresh loans.

Led by large-cap technology and banking shares, The Korea Composite Stock Price Index lost 20.71 points, or 3.66 percent, to close at 545.05.

Friday, the Nasdaq composite index plummeted 115.95 points to 2,052.78, as Intel Corp. and Cisco Systems, high technology bellwethers, announced job cut plans.

Trade volume on the Korea exchange was 369 million shares, valued at 1.56 trillion won ($1.22 billion). Losing issues led gainers 628 to 204. Thirty nine shares rose by the daily limit of 15 percent; 10 issues hit that limit on the downside.

Foreign investors unloaded most banking shares, after creditors of the troubled Hyundai affiliates approved additional support last weekend. Kookmin Bank and H&CB tumbled about 10 percent. Hyundai affiliates gained. Hyundai Electronics Industries climbed 2.25 percent, to 3,410 won. Hyundai Engineering & Construction rose 1.37 percent to 1,855 won.

Core blue chips were weak. Samsung Electronics shed 4.43 percent, to 183,500 won. SK Telecom lost 4.43 percent, to close at 205,000 won.

The Kosdaq market composite index closed at 72.33, down 4.23 points, or 5.53 percent. Declining issues overwhelmed advancers 509 to 79. A total of 66 shares tumbled by the daily limit of 12 percent. Twenty-six issues rose by that limit.

Trade volume was thin at 317 million shares. The value of the traded stocks was 1.58 trillion won.

Dot-coms were especially weak. Shares of Serome Technology, Daum Communication and Haansoft each plunged about 7 to 9 percent.


by Moon So-young

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