Kospi falls as foreigners sell blue chip tech shares
The stock market closed lower yesterday as foreign investors dumped blue chip technology stocks, such as Samsung Electronics and Hynix Semiconductor, analysts said.The benchmark Kospi dropped 2.71 points, or 2 percent, to 1,423.58.
“After a massive buying spree in the past trading days, foreign investors seemed to adjust their holdings, especially in the tech sector, dragging down the main index,” said Park Suk-hyun, an analyst at Kyobo Securities.
“The market was also affected by concerns over the expiration of stock options.”
Blue chip bellwether Samsung Electronics and other major tech shares closed in negative territory.
Samsung Electronics dropped 0.9 percent to 581,000 won ($622), and Hynix Semiconductor, the world’s second-largest chip manufacturer, lost 1.1 percent due to concerns about a decrease in memory chip prices.
Financials were also losers in yesterday’s session, even though the central bank decided to retain its key interest rate. The Bank of Korea maintained the monthly call interest rate at 4.5 percent.
Kookmin Bank, Korea’s biggest lender, dropped 0.2 percent after a court ruling to compensate customers who had private information leaked to the public in a bank mistake last year. Samsung Securities went slightly south, losing 0.2 percent.
Heavy industries posted an upbeat performances, however. Hyundai Heavy Industries, the largest shipyard, increased 2.4 percent, while Hyundai Mipo Dockyard gained 2.2 percent.
Volume was thin, with 185 million shares worth 2.7 trillion won traded. Losers outpaced winners, 385 to 332.
The Kosdaq finished up 1.26 points, or 0.2 percent, at 601.82. Volume was 592 million shares worth 1.8 trillion won; 481 losers outpaced 417 winners.
By Hwang Young-jin Staff Writer [yhwang@joongang.co.kr]
with the Korea JoongAng Daily
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