중앙데일리

Kospi ends day lower after foreign selling

Nov 08,2007
The Kospi declined yesterday by 11.05 points or 0.5 percent, closing at 2,043.19 after a roller coaster ride. The stock market opened higher driven by the New York Stock Exchange’s gains and even hit 2085.03 during trading hours.
However, immense pressure due to a sudden surge of stock prices and a selling spree by foreign investors pulled the index down by 40 points.
“We have high hopes for setting a new high record but some external factors such as skyrocketing oil prices and worldwide inflation prevented the index from reaching higher,” Cho Jae-hoon, an analyst with Daewoo Securities, said.
Despite the tumbling index, Samsung Electronics, the nation’s largest company by market value, added 4 percent to 570,000 won ($628). Posco slid 1.6 percent, while Hyundai Heavy Industries advanced 0.6 percent. SK Energy and LG Electronics jumped 5 percent and 6.1 percent, respectively. LG.Philips LCD fell 1.6 percent, and Lotte Shopping shed 6.4 percent. Hyundai Merchant Marine fell 1.8 percent, and Korean Air slipped 4.1 percent.
Defying the downward trend, IT-related shares continued Tuesday’s strong performance. Hynix Semiconductor gained 2.1 percent along with Samsung Electronics and LG Electronics.
In the securities industry, Samsung Securities rose 6.5 percent, while Mirae Asset Securities, the nation’s second-largest brokerage by market value, lost 4.1 percent.
Trade volume totaled 334.6 million shares worth 85 trillion won.
The junior Kosdaq lost 6.8 points or 0.9 percent, closing at 794.08. Most shares plunged, but communication service and digital content-related shares advanced. Hanarotelecom shot up 15 percent, and a leading provider of online study aids for teenagers, Megastudy, climbed 3.2 percent.
Total trade volume was 504.7 million shares valued at 2.2 trillion won.

By Sung So-young Staff Writer [so@joongang.co.kr]



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