New real estate policies flatten builders’ shares
Korea’s main stock market index declined yesterday after rebounding in the previous session. The Kospi dipped 10.49 points, or 0.8 percent, to 1360.23.“Despite a strong opening, the main index was weighed down by strong institutional selling,” said Park Seok-hyun, an analyst at Kyobo Securities.
Investor sentiment was weakened by forecasts that the technology sector would face difficulty down the road due to falling semiconductor prices, said Joo Sang-shin at Dongbu Securities.
Technology bellwether Samsung Electronics fell 0.7 percent to 579,000 ($615). Despite revealing that fourth-quarter earnings jumped more than 35 percent on brisk sales of its core products, Hynix Semiconductor, the world’s second-largest computer memory chipmaker, shed 1.7 percent.
Builders led the decline, taking a hit from Seoul’s new anti-speculative policy. Industry leader Daewoo Engineering and Construction tumbled 2.7 percent, and Hyundai Engineering and Construction fell 1.9 percent. Refiners, however, enjoyed brisk trading as U.S. crude oil prices rose on colder temperatures. Leading refiner SK went up 0.4 percent and S-Oil, the third-largest refiner, added 0.5 percent.
Performance was mixed in the banking sector. Kookmin Bank, Korea’s No. 1 lender, added 1.1 percent, while Shinhan Financial Group and Woori Financial Holdings dropped 1.4 and 0.2 percent.
SK Telecom, the nation’s top mobile phone carrier, and the No. 1 automaker, Hyundai Motor, each advanced 0.5 percent.
Volume was 189.1 million shares worth 2.2 trillion won. Losing shares beat winners 456 to 282.
The Kosdaq also fell 4.67 points, or 0.8 percent, to 576.37.
Decliners crushed advancers, 572 to 335. Volume was 600.4 million shares worth 1.6 trillion won. NHN, operator of top portal Naver, dropped 3.2 percent; rival Daum Communications was up 1.9 percent.
By Seo Ji-eun Staff Writer [spring@joongang.co.kr]
with the Korea JoongAng Daily
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