Kospi closes practically unchanged, down .2%

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Kospi closes practically unchanged, down .2%

After flirting with highs and lows for the entire day, the Kospi ended 3.38 points, or 0.2 percent lower, at 1,853.07 yesterday.
“Taking a cue from an overnight rebound on Wall Street, the local bourse started strong but turned lower as heavy program selling weighed down the market,” said Kim Young-gak, an analyst at Hyundai Securities. Foreigners continued selling for the 14th trading day, dumping large caps.
Shipyard issues pushed the market lower with global industry leader Hyundai Heavy Industries losing 1.6 percent to 339,500 won ($368.90). Financial shares also closed sharply lower with top lender Kookmin Bank losing 2.1 percent.
Leading carmaker Hyundai Motor gained 1 percent following an announcement that its sales jumped over 61 percent on-year in July on increased demand and fewer walkouts. Its affiliate, Kia Motors, however, continued to fall for the sixth day. Tech blue chips prevented the market from dropping further. Market leader Samsung Electronics added 1.6 percent, and its smaller rival LG Electronics rose 2 percent.
After authorities decided to shut down inspections of U.S. beef, marine shares shot up. Dongwon Fisheries and Hansung Enterprise swung up to the daily limit, while Daerim Corp. rose 11.1 percent. Silla Co. went up 7 percent.
Trade volume was 367.7 million shares worth 6.8 trillion won. Losers beat winners, 400 to 365.
The local currency ended at 922.80 won to the U.S. dollar, up 2.40 won from Wednesday’s close, as offshore investors unloaded the greenback, dealers said.
The junior Kosdaq dropped 2.94 points, or 0.4 percent, to 786.52. NHN fell 2.4 percent and Neowiz dropped 2.3 percent, but Daum rose 3.8 percent. CJ Internet added 4.0 percent.
Trade volume was 590.6 million shares worth 1.9 trillion won. Decliners outpaced advancers, 528 to 405.


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