After four days up,markets close down
The Seoul stock market fell yesterday after rising for four straight days. The benchmark Kospi closed at 2,026.44, a drop of 32.41 points, or 1.6 percent.The main exchanged opened lower than the previous day’s close, as the U.S. stock market finished at a loss overnight.
After two straight days of buying, selling by foreign and domestic investors pulled the index down further.
Securities, metal, bank, chemical and telecom shares declined while machinery, transportation equipment, retail and food and beverage indexes advanced.
LG.Philips LCD plunged 5.4 percent after the news that Royal Philips Electronics N.V. had sold a part of its stake in the LCD panel maker. Its affiliate, LG Electronics, declined 0.9 percent.
Among large cap stocks, Posco shed 3 percent, Hyundai Heavy Industries fell 0.1 percent, Kookmin Bank dropped 4.1 percent, Korea Electric Power lost 0.84 percent, SK Telecom skidded 3.2 percent and Hyundai Motor dropped 2.9 percent.
With hopes of a recovery in consumption, retail shares finished strong. Shinsegae and Hyundai Department Store rose 3.5 percent and 2.2 percent, respectively.
With booming plant exports, Doosan Heavy Industries and Construction gained 2.3 percent and its holding company, Doosan, advanced 3.8 percent. Losers overwhelmed gainers, 596 to 236.
“Increasingly, more money is flowing into mutual funds investing in Chinese stocks rather than funds investing in domestic shares,” said Seong Jin-gyeong, an analyst at Daishin Securities.
The secondary Kosdaq also fell, by 10.59 points, or 1.3 percent, to 806.69.
Among large cap stocks, LG Telecom fell 3.5 percent, Hanaro Telecom shed 3.4 percent, Posdata lost 3.1 percent and Asiana Airlines declined 3.3 percent. Decliners led advancers, 646 to 306.
By Limb Jae-un Staff Writer [jbiz91@joongang.co.kr]
with the Korea JoongAng Daily
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