Despite a U.S. rebound, Kospi down for the day
The Seoul stock market retreated marginally yesterday after a series of ups and downs.The main index closed at 1,884.90, down 3.91 points or 0.21 percent. The Kospi opened 2.21 points, or 0.12 percent, lower than the previous day’s close despite news of a rebound in the U.S. stock market. After stock markets in China and Japan lost more than 1 percent, the index abruptly fell below 1,870 points. Individual investors sold while foreign and institutional investors bought, the exchange said.
Construction, machinery, transportation equipment and financial service industry shares fell. The securities share index, in particular, dropped 2.5 percent, but service, retail, chemical and electronics issues gained.
Samsung Electronics remained at 575,000 won even though Dongbu Securities downgraded it to a “hold” and Hyundai Securities lowered its target price due to a decline in the price of memory chips. Hyundai lowered Samsung’s target price to 700,000 won ($744) from 770,000 won.
Hana Financial Group shed 0.45 percent, ending at 43,650 won. It fell for the second consecutive day with the news that its subsidiary, Hana Bank, may be required to pay 1 trillion won in taxes by the National Tax Service.
LG. Philips LCD increased 4.6 percent on a rise in the price of liquid crystal display panels. SK Energy added 5 percent with the news of its planned acquisition of SK Incheon Oil. Posco fell 1 percent, to 590,000 won.
STX Shipbuilding rose 1.5 percent as its subsidiary, STX Pan Ocean, benefited from rising bulk freight rates. The firm is preparing an initial public offering. Decliners overwhelmed climbers, 506 to 293.
The Kosdaq market ended 1.05 points (0.14 percent) down, at 775.85. Losers led gainers, 501 to 418. Trading volume was 700 million shares, valued at 1.9 trillion won, during regular trading hours.
By Limb Jae-un Staff Writer [jbiz91@joongang.co.kr]
with the Korea JoongAng Daily
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