Losses Extended On Seoul Markets

Seoul stocks ended lower Friday for the third straight trade session. The Korea Composite Stock Price Index declined 5.09 points, or 0.8 percent, to close at 607.07.

"Investors were reluctant to make any big movement, awaiting a change on Wall Street after the U.S. government's employment report for May and the National Association of Purchasing Management's national manufacturing report," said an analyst at Daishin Securities.

Trade volume was thin at 359 million shares. The day's turnover was 1.9 trillion won ($1.47 billion).

The main market started up after the U.S. Nasdaq market rebounded overnight. But the initial strength was quickly sapped by program-based selling following foreign investors' sales on the futures market.

Index-leading telecommunication shares dragged the market down. SK Telecom shed 1.6 percent, finishing at 216,000 won. Korea Telecom fell 1.9 percent to 55,900 won.

Samsung Electronics at 212,000 won, Pohang Iron & Steel Co. at 104,500 won and Korea Electric Power Corp. at 24,300 won all ended unchanged.

Advancing issues nosed out decliners 402 to 399. Thirty shares rose 15 percent to touch the daily ceiling. Two issues hit the downward limit.

Heavy selling by institutional investors also sent the Kosdaq market lower Friday. The composite index shed 1.24 points, or 1.5 percent, to close at 80.11.

Trade volume was 432 million shares, valued at 1.99 trillion won. Losing issues overwhelmed gainers 392 to 175. A total of 21 shares rose by the daily limit of 12 percent and three issues fell by that limit.

Large-cap telecommunication and dot-com shares were generally weak. Korea Telecom Freetel declined 1.5 percent to 39,500 won. Serome Technology lost 3.9 percent, ending at 17,500 won. Daum Communications was down 4.2 percent at 39,950 won. Haansoft dropped 3.1 percent to 5,330 won.

by Moon So-young