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Following U.S., markets slide on news from Fed

Aug 30,2007
The Korean stock market slid yesterday following a plunge on Wall Street that reflected the Federal Reserve’s indecisiveness about reining in U.S. mortgage woes.
The main Kospi index declined 3.12 points, or 0.2 percent, closing at 1,826.19.
“The U.S. market had less effect than expected today, allowing the [Korean] market to stay close to where it stood [Tuesday],” said Lee Hyun-joo, an analyst for Tongyang Investment and Securities.
The Dow Jones Industrial Index fell 280 points Tuesday, U.S. time, after the news Federal Reserve officials did not discuss an interest rate cut at their latest meeting.
“The adjustment period, which began in late July, will likely go on for the time being in the local market. What we will see in a couple of weeks will be within technical movement,” Lee said.
Due to the sagging global demand for semiconductors, industry leader Samsung Electronics sank 2.4 percent to 562,000 won ($599).
Hynix, the country’s second-largest semiconductor maker, also fell 1.5 percent.
Many other blue chips also declined. Korea Electricity Corp. retreated 1.3 percent and Kookmin Bank, the nation’s largest lender, slid 1.4 percent.
Leading mobile service provider SK Telecom dropped 1 percent.
Shipbuilders recorded a strong increase for the second day in a row, posting a 1.3-percent increase, following Monday’s news of strong sales of bulk carriers to China and India.
Volume totaled 386 million shares, worth 7.1 trillion won. Losers outnumbered winners, 353 to 435.
The junior Kosdaq inched down 1.79 points, or 0.24 percent, to 758.64. Volume amounted to 608 million shares worth 2 trillion won. Losers trounced gainers, 656 to 289.


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



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