Rudderless Trade Sees Stocks Fall

Seoul stocks are in a rhythm. Both boards continued their one-day cyclical movements Thursday by retreating from Wednesday's gains. The Korea Composite Stock Price Index, or Kospi, closed at 561.62, down 4.72 points, or 0.8 percent.

Trade volume was 358 million shares, valued at 1.54 trillion won ($1.19 billion).

Most core blue chips were hit by program selling. Samsung Electronics shed 1.1 percent, ending at 223,500 won. SK Telecom slipped 0.5 percent to 221,000 won. Korea Telecom lost 1.2 percent, to close at 59,300 won. Korea Electric Power Corp. declined 1.7 percent to 22,800 won.

The three spinoffs of the former LG Chemical were mixed in their second day of trading.

LG Chemical Investment, a holding company of the other two spinoffs, plunged by the daily limit of 15 percent for a second consecutive day, to 21,500 won. But LG Household & Health Care jumped by the limit, also for a second day, to 15,650 won. The slimmed-down original LG Chemical dropped 4.6 percent to 12,400 won. Analysts had complained that the holding firm was overvalued but recommended the other two.

Losing issues outnumbered gainers 434 to 335. Eighteen shares rose by 15 percent, to touch the daily ceiling. Eight issues hit the downward limit.

The Kosdaq composite index dropped fractionally to close at 76.34. Trade volume was 424 million share and the turnover was 2.53 trillion won. A total of 27 issues rose by the daily limit of 12 percent and eleven shares fell by the limit. Declining issues led advancers 356 to 201.

by Moon So-young