Market slips but still finishes above 2,000
Seoul’s main stock market slipped from a record-high yesterday. The Kospi closed at 2,003.60, down 10.49 points, or 0.5 percent.Posco, the nation’s biggest steelmaker, tumbled 8.5 percent to 700,000 won, after the Korea Exchange yesterday cautioned investors about the steelmaker’s rapid rise in the previous session. The bourse operator issues a warning when a stock’s price rises or falls more than 5 percent within a day. Posco had added 26 percent during the Kospi’s seven-day rally.
Samsung Electronics lost 2.4 percent after U.S. chipmaker Micron Technology reported a quarterly loss on falling chip prices. Hynix Semiconductor sank 4.2 percent.
Builders were strong after the two Koreas jointly declared they would cooperate in infrastructure projects in the North. Hyundai Engineering & Construction gained 3.1 percent. GS Engineering & Construction jumped 5.1 percent.
Shipbuilders also gained. Hyundai Heavy Industries climbed 1.5 percent. Its affiliate, Hyundai Mipo Dockyard, added 1.1 percent.
But companies related to the proposed transmission of electricity from South to North Korea fell after the inter-Korean summit’s joint declaration did not mention an electricity project. State-run Korea Electric Power declined 0.7 percent. LS Cable, the nation’s biggest copper-wire maker, lost 2.5 percent.
“It is difficult to immediately say which companies’ values will actually be boosted by the inter-Korean economic cooperation projects because details of the projects have not yet been unveiled,” said Lee Gyeong-su, an analyst with Daewoo Securities.
Trade volume was 456.2 million shares, valued at 8.2 trillion won.
The secondary Kosdaq gained 4.4 points, or 0.5 percent, to close at 814.72. Volume was 630.7 million shares worth 2.4 trillion won.
By Moon So-young Staff Writer [symoon@joongang.co.kr]
with the Korea JoongAng Daily
To write comments, please log in to one of the accounts.
Standards Board Policy (0/250자)