Caution among brokers drives stock prices down

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Caution among brokers drives stock prices down

Seoul stocks fell yesterday largely because the unprecedented rally of recent weeks has left many investors with profits. The main Kospi fell 13.42 points, or 0.7 percent, to 1,949.51.
“The main index underwent a correction as investors took profits from recent steep gains among tech exporters and financial shares,” said Kim Young-gak, an analyst at Hyundai Securities.
The heads of 29 securities firms in Korea met yesterday to discuss ways to prevent possible damage from an overheated market. They agreed to refrain from presenting an excessively rosy outlook for the market.
Samsung Electronics, which announced a reshuffling of top managers in its semiconductor division on Sunday in the aftermath of its worst quarterly earnings in four years, dipped 5.4 percent to close at 650,000 won ($708). The world’s second-largest computer memory chip maker, Hynix Semiconductor, dropped 3.9 percent. Leading display maker, LG. Philips LCD rose 2 percent.
Financial shares were gloomy. Top lender Kookmin Bank retreated 3.6 percent, Shinhan Financial Group lost 1.5 percent and Woori Financial Group fell 4.4 percent.
Shipbuilders were mixed. While the world’s No. 1 shipbuilder, Hyundai Heavy Industries gained 0.8 percent, Samsung Heavy Industries dropped 2.3 percent and Daewoo Shipbuilding and Marine Engineering lost 3.6 percent.
Top automaker Hyundai Motor edged up 0.3 percent and its part supplier Hyundai Mobis climbed 3.9 percent.
Trade volume totaled 515.2 million shares valued at 7.8 trillion won, with decliners outnumbering advancers 444 to 339.
The junior Kosdaq closed at 819.91 after dropping 5.49 points, or 0.7 percent. Total traded volume was 497.3 million shares, worth 2 trillion won. Losing shares beat winning shares 589 to 343.


By Seo Ji-eun Staff Writer [spring@joongang.co.kr]
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