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Amid sell-off, Kospi’s 2,000 mark slips away

Nov 09,2007
Korea’s benchmark Kospi index plunged by 63.63 points, or 3.1 percent, yesterday closing at 1,979.56. The stock market opened lower due to complicated external factors, including a sluggish U.S. economy, weakening dollars and skyrocketing crude oil prices.
A selling spree by foreign and institutional investors also pulled the index down. Private investors purchased shares worth 950 billion won, but it was not enough to keep the index above 2,000.
“With no growth momentum, the stock market is vulnerable to many negative indicators from around the world. The Seoul stock market is expected to have a rough ride, staggering on the 2,000 point mark,” said Seo Myung-seok, an analyst at Tongyang Investment Bank.
Most shares slipped regardless of the industry, including the nation’s blue chips. Among losers, Samsung Electronics lost 6.0 percent to 536,000 won ($590), and Hynix Semiconductor fell 5.1 percent. Posco shed 5.4 percent, and Hyundai Heavy Industries slipped 3.6 percent. Shinhan Financial Group fell 7.2 percent, and Kookmin Bank lost 2.3 percent. SK Energy recorded a 9.5 percent drop. Among the top 10 listed firms in terms of market value, only LG.Philips LCD and SK Telecom, the nation’s top mobile carrier, gained 0.5 percent and 6 percent, respectively.
With the news that Taihan Electric Wire would acquire a 9.9 percent stake in the Italian cable maker Prysmian, shares of Taihan Electric Wire shot up 9.1 percent.
Trade volume totaled 324.6 million shares worth 84 trillion won.
The secondary Kosdaq lost 14.4 points, or 1.8 percent, closing at 779.7. Internet-related shares such as NHN, the nation’s largest Internet portal operator, lost 4.5 percent, and Daum Communication slipped 3.9 percent. Total trade volume was 491.1 million shares valued at 2.2 trillion won.


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



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