Overseas concerns bring a drop in markets here
The stock market retreated yesterday due to profit-taking by foreign and individual investors, analysts said. The Kospi fell 8.15 points, or 0.47 percent, to close at 1,743.60.The selling started early in the morning due to concerns about inflation in the United States and a decline in China’s stock market, said Kwak Byung-yeol, a senior analyst at Daishin.
“With the concerns over interest rate hikes around the world and selling by foreign investors, a correction is unavoidable for the time being,” Kwak said.
Steel and shipping shares were strong, but transportation equipment, electronic and construction issues were weak.
Daewoo Securities lost 1.6 percent, Samsung shed 0.7 percent, Woori Investment and Securities fell 0.7 percent and Daishin Securities slid 2.6 percent. Hyundai Heavy Industries skidded 1.9 percent, Samsung Heavy Industries fell 1.3 percent, Daewoo Shipbuilding and Marine Engineering plunged 4.6 percent and STX Shipbuilding lost 2 percent.
Samsung Card declined for the fourth straight day after its debut on the index, losing 2.1 percent.
However, Posco gained 1.5 percent, Shinhan Financial Group rose 0.4 percent and LG.Philips LCD increased 0.2 percent. Lotte Tour Development plunged Thursday due to a lawsuit with Lotte Group over the use of the Lotte logo, but it rebounded strongly by 7.4 percent. BNG Steel sank to the daily limit of 15 percent due to rising stainless cold steel sheet inventory.
Insurance shares continued to rise after the news of an amendment of the insurance law. Korea Life Insurance increased 2.2 percent and Hyundai Marine and Fire Insurance rose 2.5 percent.
Gainers led decliners, 410 to 342.
The Kosdaq market fell slightly by 0.19 points, or 0.02 percent, ending at 778.69. NHN rose 0.6 percent and Hana Tour gained 3.6 percent. Decliners led gainers, 461 to 449.
By Limb Jae-un Staff Writer [jbiz91@joongang.co.kr]
with the Korea JoongAng Daily
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