Bad Day for Stocks After String of Wins

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Bad Day for Stocks After String of Wins

Share prices on the Korea Stock Exchange ended a five-day winning streak Tuesday, following a string of sharp gains.

The Korea Composite Stock Price Index shed 5.59 points, or 0.9 percent, to 590.91, off a high of 597.95. Trading volume was heavy at 484 million shares valued at 2.1 trillion won ($1.6 billion).

Gainers led decliners 404 to 384, with 66 other stocks unchanged. Twenty-three shares jumped by the daily limit of 15 percent, while four fell by that limit.

Investor enthusiasm was dampened by the overnight losses on the U.S. Nasdaq and the Tokyo stock market.

Samsung Electronics Co. was off 0.2 percent at 229,500 won, and SK Telecom Co. lost 2.6 percent to 229,500 won. Hyundai Motor Co., which spearheaded the recent rally, sank 4.5 percent to 21,300 won on profit taking.

Limiting market losses, Hynix Semiconductor Inc. soared by the 15 percent limit to 4,200 won, buoyed by an agreement late Monday by local creditors to offer the debt-ridden chipmaker new financial support, including debt rescheduling and bond purchases by asset management companies.

Merchant banks' shares also rallied on rotational buying. Regent Merchant Bank and Tong Yang Investment Bank were up by the day's limit.

The Kosdaq market was also dampened in a consolidation following the Nasdaq's decline. Its composite index edged down 0.57 point, or 0.7 percent, to close at 82.27.

Korea Telecom Freetel dropped 1.6 percent to 45,850 won; Hanaro Telecom Co. shot up by the daily limit of 12 percent to 3,800 won. Serome Technology slid 5.8 percent to 19,450 won.



by Kim Hyun-chul

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