Institutions take profit, sending Kospi downhill
The main Korean stock market index dipped yesterday after a one-session rebound.The Kospi ended at 1,770.98 after nose-diving 23.26 points, or 1.3 percent.
“The main index plunged as institutions took profits from recent gains in large caps,” said Park Suk-hyun, an analyst at Kyobo Securities.
Tech shares were mixed.
Market giant Samsung Electronics climbed 0.3 percent to 591,000 won ($648).
A leading chipmaker, Hynix Semiconductor, added 0.6 percent whereas display producer LG. Philips LCD lost 2.2 percent.
Other blue chips did not perform well.
Korea’s top steelmaker, Posco, shed 0.4 percent. The world’s largest shipbuilder, Hyundai Heavy Industry, dropped 2.1 percent, and No. 1 mobile service carrier SK Telecom fell 0.7 percent.
Daewoo Shipbuilding and Marine Engineering advanced 3.4 percent on an announcement that it won a total of $8.4 billion worth of orders so far this year, topping the half-year target of $11 billion.
Bank shares were also gloomy. The nation’s top lender, Kookmin Bank, which had planned to buy Korea Exchange Bank before Lone Star shelved the deal last year, retreated 3.9 percent, and Shinhan Financial Group lost 0.8 percent.
Woori Financial Group remained unchanged.
Construction stocks, including Hyundai, GS and Daewoo fell 4.5 percent, 4.7 percent and 2.4 percent, respectively.
Total traded volume was 438.9 million shares worth 6.6 trillion won, with decliners dominating advancers, 534 to 239.
The tech-rich Kosdaq edged down 0.78 points, or 0.1 percent, to 809.58. Traded volume totaled 739.5 million shares valued at 3.2 trillion won. Winning shares beat losing counterparts, 486 to 451. CJ Home Shopping, a unit of CJ Group, gained 5.9 percent.
By Seo Ji-eun Staff Writer [spring@joongang.co.kr]
with the Korea JoongAng Daily
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