Investors Pause, Await Wall Street

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Investors Pause, Await Wall Street

Seoul stocks ended marginally lower Monday, as investors withdrew to the sidelines. The Korea Composite Stock Price Index shed 5.64 points, or 0.9 percent, to close at 618.47. Trade volume declined sharply to 435 million shares. The daily turnover was 1.85 trillion won ($1.4 billion).

Foreign investors sold a small volume of 800 million shares, after Wall Street dropped Friday on the U.S. Commerce Department's report that the nation's growth in output for the first quarter, at 1.3 percent, was lower than previously estimated. "Foreign investors were cautious, because Wall Street would remain closed on Monday, which is the U.S. Memorial Day," an analyst at Kyobo Securities said.

Samsung Electronics squeezed out a marginal gain of 0.2 percent, finishing at 222,500 won. Korea Electric Power Corp. rose 0.4 percent to 24,300 won. Other blue chips were weak. Pohang Iron & Steel Co. was down 0.9 percent to 106,500 won. SK Telecom slipped 0.7 percent to 223,000 won. Korea Telecom lost 1.5 percent, ending at 59,600 won. Hyundai Motor Co. fell 3.9 percent to 23,500 won.

Daewoo Motor Sales Corp. soared by the daily limit of 15 percent, ending at 4,540 won, on the news the firm is trying to attract foreign investment.

Twenty-seven shares touched the daily ceiling and one hit the downward limit. Declining issues outnumbered advancers 489 to 310.

The Kosdaq composite index slipped 0.21 points, or 0.3 percent, to close at 83.22. Trade volume was 456 million shares, valued at 1.98 trillion won. Advancing issues outnumbered decliners 292 to 295. A total of 40 shares rose by the daily limit of 12 percent and two fell by that limit.

The potential bidders for a next-generation mobile telecommunication business license gained, on the news that TIW, a Canadian wireless services provider, is negotiating with the firms for partnership. LG TeleCom jumped 4.9 percent to 7,470 won. Hanaro Telecom gained 2.9 percent, finishing at 4,240 won.

Index heavyweight dot coms were generally weak. Serome Technology, Daum Communications and Haansoft shed about 2 to 4 percent.



by Moon So-young

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