String of up days ends for benchmark index
Korean stock markets saw the red for the first time in five days in yesterday’s session as investors trying to cash in on recent gains sold shipbuilding and steel shares, analysts said.The main Kospi lost 16.4 points, or 1 percent, to 1,589.37.
“Declines in the Asian markets impacted the Korean markets,” said Lee Un-taek, an analyst at Daehan Investments & Security. “The Chinese market has been skyrocketing. The Shanghai market index has increased more than 240 percent during the last 18 months.”
Shipbuilding shares, the recent leaders of the bullish market, declined. Hyundai Heavy Industries lost 1 percent and Samsung Heavy Industries shed 3.7 percent. Hyundai Mipo, Hanjin and other shipbuilding shares also lost ground.
Posco, the biggest steel maker, lost 0.2 percent.
Tech giant Samsung Electronics fell 0.5 percent to 34,150 won ($37). Hynix Semiconductor, the world’s second-largest chip maker, added 0.3 percent. LG.Philips LCD, the flat-panel manufacturer, declined 2.4 percent.
The money industry traded in positive territory, with top lender Kookmin Bank rising 1.1 percent. Shinhan Financial Group moved into positive territory during the day, but ended up unchanged.
Hyundai Motor Co., the nation’s top automobile maker, added 2.2 percent. Its smaller affiliate, Kia Motors, advanced 0.9 percent, influenced by foreign investors bargain hunting. Kia has fallen almost 50 percent so far, year-on-year.
The volume was moderate, with 473.4 million shares worth 4.6 trillion won changing hands. Losers outpaced winners, 481 to 290.
The tech-heavy Kosdaq also fell below the 700 mark, ending the day at 697.53, down 6.3 points or 1 percent. More than 596 million shares worth 1.8 trillion won were traded. Losers outpaced winners 567 to 347.
By Hwang Young-jin Staff Writer [yhwang@joongang.co.kr]
with the Korea JoongAng Daily
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