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Kospi dips under 1,500 on institutional selling

Apr 11,2007
The main Korean stock market index closed slightly down yesterday with institutional buyers selling blue chips such as Samsung Electronics to profit from recent gains, analysts said. The Kospi fell 1.90 points, or 0.13 percent, to 1,499.16.
“Investors took a breath after the market rose above the 1,500-point mark in the previous session, and institutions engaged in a selling spree to take profits from gains,” said Kim Jung-hyun, an analyst at Goodmorning Shinhan Securities. “Foreigners picked up tech, finance and builder shares.”
With the free trade agreement being reached on April 2, the stock market had experienced a week-long rally. Foreigners were the leading buyers during the rally.
Most tech shares were the leaders in the decline. Exceptions included LG Electronics, which gained 1.1 percent following a report showing a positive outlook for home appliance and cell phone sales. Hynix Semiconductor, the world’s second largest chipmaker, added 0.6 percent. Chip leader Samsung Electronics fell 1 percent to 578,000 won ($618).
Steelmaker Posco declined 1.1 percent, and Hyundai Motor, the nation’s No.1 automaker, lost 0.2 percent. Kia, the smaller affiliate of Hyundai, added 0.8 percent.
Hyundai Mipo Dockyard, the world’s No. 4 shipyard, fell 2.8 percent and Hyundai Heavy Industries, the world’s largest, dropped 0.9 percent.
Financials were briskly traded. The country’s top lender, Kookmin Bank, added 1 percent, and Woori Financial Group rose 2.2 percent.
Volume was moderate with 355.1 million shares worth 4 trillion won traded. Advancers topped decliners, 402 to 372.
The tech-heavy Kosdaq closed at 674.41, rising 3.87 points, or 0.6 percent. The index dipped into the red in the afternoon session but managed to bounce back to continue a nine-session winning streak.
Gainers outpaced losers, 469 to 445.

By Hwang Young-jin Staff Writer[yhwang@joongang.co.kr]


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