Indexes slide for fourth consecutive trading day

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Indexes slide for fourth consecutive trading day

Seoul stocks slumped for the fourth consecutive trading session yesterday as investors dumped large-cap shares. The benchmark Kospi shed 16.45 points, or 0.94 percent, to 1,733.10.
“Affected by losses in other Asian markets including Japan and China, the main bourse remained weak with foreign investors leading the sell-off in large-caps,” said Kim Young-gak, an analyst at Hyundai Securities.
Most tech issues closed lower. Samsung Electronics lost 1.2 percent to 581,000 won ($626), while flat panel giant LG.Philips LCD plunged 4.8 percent. Hynix Semiconductor went down 1.6 percent, and KT dropped by 1.5 percent.
Steel shares weighed on the market as falling steel prices kept investors on edge. Posco shed 1.8 percent, marking a seventh session of losses. Its smaller rival Hyundai Steel declined 1.5 percent. Financial companies also lost ground. Top lender Kookmin Bank shed 1.7 percent, Shinhan Financial Group lost 1.7 percent and Woori Financial Group fell 0.6 percent. Auto issues, however, enjoyed brisk trading. Top carmaker Hyundai Motor gained 2.1 percent to 74,800 won, while its affiliate Kia Motors surged 5.8 percent to 14,600 won.
Trading volume was moderate at 300.5 million shares worth 5.13 trillion won, with losers outnumbering gainers 524 to 247.
The junior Kosdaq also fell for the fourth straight day, losing 19.28 points, or 2.5 percent, before closing at 761.03. Foreigners and institutional investors sold off their shares. Travel agencies such as Hana Tour, Modu Tour and Jayu Tour fell 4 to 5 percent after recent short-term losses and retracted investor sentiment after a plane carrying Korean tourists crashed in Cambodia. Internet search site Empas plummeted 13.5 percent after news the previous day that it merged with SK Communications.
Gainers fell behind losers, 229 to 722. Trade volume was 542 million shares worth 2 trillion won.


By Wohn Dong-hee Staff Writer [wohn@joongang.co.kr]
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