Korean shares decline as Wall Street retreats
Korean stocks fell for the first time this week yesterday on overnight losses on Wall Street.The benchmark Kospi dropped 13.49 points, or 0.9 percent, to close at 1,439.74.
“Amid a lack of leads, shares tumbled due to overnight losses on Wall Street,” said Kim Yong-gak, an analyst at Hyundai Securities.
U.S. stocks fell Tuesday on a report of housing price drops in January. The Dow Jones Industrial Average fell 0.6 percent.
Most blue chips ended down yesterday.
Samsung Electronics slid 1.4 percent to 572,000 won ($609), and rival Hynix Semiconductor fell 0.3 percent. LG.Philips LCD shed 0.3 percent.
Machinery shares suffered heavy losses. Leading power generator manufacturer Doosan Heavy Industries plunged 3.1 percent.
Construction shares also finished in the minus column. Korea’s No. 1 builder, Daewoo Engineering and Construction, tumbled 2.6 percent. Hyundai Engineering and Construction lost 1.6 percent, and GS Engineering and Construction shed 3.7 percent.
Financial shares were no different. Kookmin Bank, the largest bank, slipped 1.6 percent, and Woori Finance Holdings dropped 1.9 percent.
The rise in international oil prices dragged down transportation shares, as Korean Air fell 2 percent, Hyundai Merchant Marine dropped 4.1 percent, and Korea Express lost 1.4 percent.
No. 3 oil refiner S-Oil, however, soared 4.2 percent on an announcement it will pay shareholders a dividend of 8,300 won per share by the end of the quarter.
Traded volume was 292.8 million shares worth 3.4 trillion won. Decliners defeated advancers 548 to 211.
The secondary Kosdaq slipped 4.38 points, or 0.7 percent, to close at 636.82. Volume was 712.9 million shares worth 1.9 trillion won. Decliners outpaced advancers 630 to 283.
By Yoo Jee-ho Staff Writer [jeeho@joongang.co.kr]
with the Korea JoongAng Daily
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