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Kospi ends 4-day rally as investors take gains

May 09,2007
Seoul’s main stock market declined slightly yesterday, ending a four-day rally. The benchmark Kospi fell 1.81 points, or 0.1 percent, to 1,582.65.
The market started the day strong, after the U.S. Dow Jones industrial average climbed to a new record for the fifth straight session overnight. But the initial strength was sapped, as some investors sold to take profits from the recent rally and some withdrew to the sidelines on uncertainty surrounding the U.S. and Korean central banks’ rate decisions scheduled respectively today and tomorrow, analysts said.
Semiconductor giants led the day’s fall on continued decline in dynamic random access memory chip prices. Samsung Electronics shed 0.9 percent, ending at 582,000 won ($630.55). Hynix Semiconductor lost 1.8 percent.
Banking shares were also weak, after the Financial Supervisory Service said the average net interest margin, the ratio of interest income to interest-bearing assets, of the nation’s banks declined in the first quarter. The watchdog said that though their combined first-quarter net profit was a record high, it actually declined from a year earlier when the gains from selling LG Card Co. shares were stripped away.
On the other hand, shipbuilders extended their recent rallies, as investment banks including Morgan Stanley forecast the industry will continue to gain in the second quarter on rising ship prices.
Hyundai Heavy Industries, the world’s biggest shipbuilder, soared 9.6 percent, with its smaller affiliate Hyundai Mipo Dockyard jumping 6 percent.
Trade volume was 378.7 million shares, valued at 5 trillion won. Declining shares led advancers 503 to 281.
The secondary Kosdaq slipped 4.51 points, or 0.6 percent, to 698.25. Volume was 552.3 million shares worth 1.9 trillion won. Losers led gainers 581 to 335.


By Moon So-young Staff Writer [symoon@joongang.co.kr]


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