Losses Extended On Seoul Markets

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Losses Extended On Seoul Markets

Seoul stocks extended their losing streak on Friday, although losses were again modest. The main board gave up early gains as the won weakened; the Kosdaq market declined on a clouded outlook for April's market.

The main market started strong, shrugging off the U.S. Nasdaq market's overnight drop. But its strength was sapped when the Korean won declined sharply against the U.S. dollar, hitting 1,330.5 won per dollar at one point.

The Korea Composite Stock Price Index closed at 523.22, down 0.58 points, or 0.11 percent. Trade volume was 417 million shares, valued at 1.50 trillion won ($1.13 billion).

Hyundai affiliates were generally weak Friday after being buoyed Thursday by creditors' agreement on a 2.9 trillion won bailout, including a 1.4 trillion won debt-equity swap, for Hyundai Engineering & Construction.

Investors fled from the builder, sending the company's common and preferred shares plummeting by the daily limit of 15 percent as the market digested news of a capital write-down preceding the debt-for-stock exchange. Hyundai Corp. also hit the daily floor and Hyundai Elevator plunged 11.50 percent.

Core blue chips were mixed. Samsung Electronics climbed 1.71 percent to 208,000 won. SK Telecom squeezed out a gain of 0.55 percent, to end at 183,000 won.

Korea Telecom slipped 0.71 percent to 56,100 won. Pohang Iron & Steel Co. lost 1.21 percent, finishing at 90,000 won. Hyundai Electronics Industries was down 3.21 percent to 3,155 won.

Declining issues led advancers 553 to 264. Twenty shares in total fell to the daily limit and 13 issues hit the ceiling.

The Kosdaq composite index declined 0.71 points or 1.03 percent, to close at 68.43. Trade volume was thin at 293 million shares, with a value of 1.18 trillion won.

Losing issues overwhelmed gainers, 420 to 158. Fourteen shares jumped by the daily limit of 12 percent, while 11 fell by that limit.

KT Freetel slipped 0.13 percent to 38,950 won. Index heavyweight dot-coms were generally weak. Serome Technology, Daum Communications and Haansoft shed about 1 to 2 percent.




by Moon So-young

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