China, U.S. jitters stall Korean market’s climb
The Korean stock market, gradually recuperating from last month’s plunge, declined yesterday. The benchmark Kospi index closed at 1,874.74 after inching down 7.07 points, or 0.4 percent.The drop reflects pessimism over August reports of U.S. economic activities that are likely to have been affected by the housing loan crisis, market experts said. Those reports will be issued later this week.
The local market was also affected by the expected announcement next week of consumer price levels in China, which might slow the red-hot rally in the Chinese stock market, they said.
“The adjustment period will persist for the time being in the local market, swayed by the U.S. and Chinese markets,” said Lee Kyoung-su, an analyst with Daewoo Securities.
Posco led market bellwether Samsung Electronics for a second consecutive day with the most expensive share price, even though the nation’s leading steelmaker fell more sharply than the chipmaker. Posco dropped 2.0 percent to 580,000 won ($618.28), while Samsung Electronics declined 0.2 percent to 575,000 won.
Telecommunication service providers led other industries with a 2 percent increase. Leading mobile service provider SK Telecom rose 1 percent and KT, the nation’s largest fixed-line service provider, gained 0.3 percent.
Hyundai Motor advanced for a fifth trading day in a row, with a 0.3 percent rise. Labor-management negotiations over wages ended without a strike after the market closed.
Trading volume was 420.9 million shares worth 5.5 trillion won. Losers outnumbered gainers, 470 to 323.
The junior Kosdaq fell 3.13 points, or 0.4 percent, to 775.76 points. Trading volume amounted 721.0 million shares worth 2.3 trillion won. Losers trounced winners, 612 to 314.
By Moon Gwang-lip Staff Writer [joe@joongang.co.kr]
with the Korea JoongAng Daily
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