Kospi down on gloomy reports from Samsung
Seoul’s main stock market declined yesterday after two straight sessions of advance, mainly due to technology bellwether Samsung Electronics, which made a worse-than-expected earnings report. The Kospi ended at 1,520.78, down 4.83 points, or 0.3 percent.“As Samsung Electronics’ performance fell short of market expectations, the local bourse retreated from a record close the previous day,” said Kim Young-gak, an analyst at Hyundai Securities. However, foreigners continued to snap up tech shares like Samsung Electronics amid widespread expectations that IT firms will fare better in the second quarter, he said.
Top 10 large-cap shares, except Hynix Semiconductor, declined. Samsung Electronics was down 0.5 percent to 601,000 won ($646) and the country’s No. 1 mobile service provider SK Telecom lost 0.5 percent. Hynix, the world’s second-largest computer chip maker, was flat, and LG. Philips LCD advanced 0.1 percent.
Top steel producer Posco fell 1.6 percent, despite its announcement on Thursday that first-quarter earnings jumped almost 40 percent annually on increased product prices. Its domestic rival, Hyundai Steel, gained 2.9 percent after analysts said its shares are undervalued. Hyundai Motor, the largest automaker, also shed 0.6 percent, falling two sessions in a row.
Banking shares were also bearish. Top lender Kookmin Bank dropped 1.24 percent, Shinhan Financial Group lost 1.4 percent, and Woori Financial Holding, 1.3 percent. However, the shipbuilding industry showed strength. STX Shipbuilding jumped 3.8 percent.
Traded volume totaled 419.8 million shares valued at 4.4 trillion won. Advances led declines 425 to 358.
Contrary to the main bourse, the secondary Kosdaq retained its upward momentum, advancing 4.03 points, or 0.6 percent, to 685.22.
By Seo Ji-eun Staff Writer [spring@joongang.co.kr]
with the Korea JoongAng Daily
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