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Dizzied by heights, Kospi drops back below 2,000

Oct 06,2007
Seoul’s main stock market plunged back below the 2,000 point mark yesterday, two days after reaching an all-time high. Technology shares led the fall.
The benchmark Kospi slid 7.57 points, or 0.4 percent, to close at 1,996.03, pummeled by heavy selling by institutional investors.
Samsung Electronics, the largest listed Korean firm, lost 2.1 percent to close at 553,000 won ($603). SK Telecom, Korea’s largest wireless operator, lost 1.1 percent and LG.Philips LCD slid 0.9 percent. Hynix Semiconductor dropped 1 percent.
Posco, Korea’s No. 1 steel maker, continued a two-day losing streak as investors sought breathing room after the share price surged more than 12 percent on Tuesday. Shares in the company slumped 2.1 percent yesterday.
Banking shares fared much better as Kookmin Bank, Korea’s largest financial firm by assets, rose 0.4 percent, and No. 2 Shinhan Financial Group gained 0.3 percent. Hana Financial Group climbed 0.3 percent, and Korea Exchange Bank added 1.7 percent.
Trading volume was 373 million shares worth 6.5 trillion won. Decliners led advancers, 493 to 311.
The tech-heavy Kosdaq lost 1.21 points, or 0.2 percent, to end at 813.51. Human & Technology, a computer parts manufacturer, jumped by the daily limit of 15 percent after it announced plans to develop a silicon mine in Uzbekistan. Silicon is used in the production of solar power batteries.
NHN, operator of Korea’s largest Internet portal Naver, added 1.3 percent as analysts bet its share price is still much undervalued.
“NHN’s share price is in an even better position than Google in terms of profit prospects, particularly the cash cow of online game operation,” said Park Jae-seok of Samsung Securities in a report.
Trading volume was 678 million shares, worth 2.5 trillion won. Losers beat gainers, 610 to 339.

By Jung Ha-won Staff Writer[hawon@joongang.co.kr]


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