Brokerages defy falling market; blue chips slide
Seoul markets dropped yesterday, bearing the burden of recent gains. The benchmark Kospi fell for the second trading day on strong foreign sales, sliding 18.81 points, or 1 percent, to 1,930.70.“While opening higher in line with the U.S. stock market, the main index fell as foreign investors, burdened by the recent rally, dumped most blue chips in the afternoon,” said Kim Young-gak, an analyst at Hyundai Securities.
Most technology blue chips were weak. Samsung Electronics fell 1.5 percent to 640,000 won ($607.20), and flat-panel giant LG.Philips LCD tumbled 3.5 percent to 41,550 won.
Brokerage issues, however, chalked up strong gains as investors bet that the Kospi may soon break the 2,000-point mark for the first time. Top brokerage Samsung Securities climbed 3 percent to 88,100 won. Builders also helped keep the bellwether index from dropping further. Industry leader Daewoo Engineering & Construction added 0.9 percent to 28,700 won.
Shares of energy company E1 rose, climbing for the fifth consecutive day on appreciated valuation of its holdings of Kukje Trading shares.
Choongwae Pharma, which resumed trading after a suspension period following a decision to convert to a holding company system, rose 4.7 percent.
Trade volume was 606.9 million shares worth 8.3 trillion won. Gainers outnumbered losers, 414 to 387.
The junior Kosdaq slipped 0.99 points, or 0.1 percent, in a third day of sluggish trading.
CJ Internet rose 1.8 percent, and NHN rose 0.7 percent. Neowiz dropped 3.8 percent, and Daum fell 1.6 percent. Asiana Airlines shot up 5 percent on foreign purchases.
Trade volume was 552.9 million shares valued at 2.2 trillion won. Decliners topped advancers, 525 to 411.
By Wohn Dong-hee Staff Writer [wohn@joongang.co.kr]
with the Korea JoongAng Daily
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