Kospi slips, but a later rally keeps losses small
Seoul’s main market dropped in the wake of an overnight decline in the U.S. market, but retail buying made the fall minimal, analysts said.The benchmark Kospi fell 2.03 points, or 0.1 percent, to 1,644.56.
“The key index started lower due to a fall on Wall Street, but it managed to reduce its losses after gains in China’s markets,” said Park Suk-hyun, an analyst at Kyobo Securities. “Investors seem to believe the local bourse is likely to continue its upward movement.”
Samsung Electronics shed 1.8 percent to 552,000 won ($596), while chip giant Hynix Semiconductor rose 1.53 percent.
Top blue chips had a bad day. Posco fell 1.5 percent and Kookmin Bank dipped down 0.2 percent. Brokerage shares fell 1 to 3 percent.
Pharmaceutical shares, however, climbed on the merit of improved recent performances.
Dong-A Pharmaceutical rose 1.2 percent, LG Life Sciences went up 0.2 percent, Daewoong advanced 2.8 percent and Hanmi Pharm increased 0.7 percent.
Winners beat losers, 422 to 355. Trade volume was 370.6 million shares worth 4.5 trillion won.
The tech-heavy Kosdaq climbed 2.71 points, or 0.4 percent, before settling at 719.54.
The market also started low, affected by Wall Street’s 0.62 percent drop, but was able to continue its rising momentum for the third straight session, thanks to the increase in the Chinese stock markets.
Internet shares suffered losses. Top Kosdaq player NHN dropped 2.1 percent, Daum fell 0.3 percent, CJ Internet lost 1.6 percent and Interpark slumped 2.5 percent.
Pharmaceutical shares were also strong on the Kosdaq. Seoul Pharma was up 10.6 percent, Cho-A Pharm rose 7.6 percent and Choongang Vaccine Lab went up 4.1 percent.
Advancers led decliners, 536 to 376. Trade volume was 589.1 million shares valued at 1.7 trillion won.
By Wohn Dong-hee Staff Writer [wohn@joongang.co.kr]
with the Korea JoongAng Daily
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