Korean market slowly regains bearings, up .3%

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Korean market slowly regains bearings, up .3%

Concerns over a credit crunch triggered by U.S. subprime mortgage woes lingered in Korea yesterday. Following Monday’s rebound, the local stock market both climbed and fell before closing up less than 5 points. The benchmark Kospi index rose 4.91 points, or 0.3 percent, to 1,736.18.
“After the roller-coaster fall and rise, the local market appears to be slowly heading for stabilization,” said Hwang Geum-dan, an analyst with Samsung Securities. “But optimism should be tempered as concern over U.S. mortgage woes is not over. The slow pace is likely to continue for a while.”
Blue chips were split. IT giant Samsung Electronics rose 0.3 percent to 592,000 won ($704). Hynix Semiconductor, the world’s largest memory chip maker, fell 2.2 percent to 35,950 won.
The nation’s largest lender, Kookmin Bank, retreated 0.4 percent to 73,800 won, while Shinhan Financial Group gained 1.3 percent to 55,000 won. Woori Financial Group remained the same at 21,500 won. Leading mobile service provider SK Telecom rose 1.8 percent to 200,500 won.
Foreign investors sold 256.5 billion won worth of shares, dumping them for the seventh consecutive business day. Retail investors bought over 29 billion won worth of stocks, and institutional investors bought 177.3 billion won worth.
By industry, capital goods producers recorded the highest increase, rising 2.0 percent, followed by shipbuilders with 1.8 percent. Brokerage firms, which recorded a 12.8 percent hike Monday, inched down 1.6 percent.
Volume totaled 454 million shares, worth 5.5 trillion won. Gainers beat losers, 418 to 369.
The tech-heavy KOSDAQ rose 6.29 points, or 0.9 percent, to 727.88. Volume amounted to 567.9 million shares worth 1.8 trillion won. Winners outnumbered losers, 486 to 446. The won rose 0.5 won to 943.5 won against the dollar.


By Moon Gwang-lip Staff Writer [joe@joongang.co.kr]
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