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An uncertain Kospi index grapples back toward 2000

Nov 10,2007
The benchmark Kospi index bounced back to 10.91 points, or 0.6 percent, yesterday, closing at 1,990.47. The index once reached 2,017 during trading hours, but fell again on a gloomy forecasts for the Asian economy.
A heavy sell-off by foreign investors reflected insecurity on both Asian markets and the New York Stock Exchange. Selling volume hit a new high since an Aug. 17 foreign-investor selling spree, while institutional investors aggressively picked up stocks.
“Shares are expected to rise and fall for the time being,” said Kim Sung-bong, a researcher with Samsung Securities. “But thanks to increasing stock market liquidity, the forecast is not that bad.”
The nation’s blue chips recovered from Thursday’s losses. Samsung Electronics rose 0.8 percent to 540,000 won ($596) and top domestic steel maker Posco advanced 0.7 percent. Hyundai Motor climbed 3.0 percent and Shinsegae, one of the nation’s largest retailers, jumped 7.0 percent.
Telecommunication-related shares also climbed, with KTF and KT leaping 11.1 percent and 7.3 percent, respectively. The banking industry also had a good day. Kookmin Bank moved up 4.3 percent, Shinhan Financial Group added 2.9 percent and Woori Financial Group recorded a 2.7 percent jump.
Shipping and shipbuilding shares didn’t fare so well. Even after Hyundai Heavy Industries revealed doubled net profits on Thursday, its shares slid 1.2 percent.
Trade volume totaled 359.8 million shares worth 86 trillion won.
The tech-heavy Kosdaq lost 0.6 points, or 0.1 percent, closing at 779.04. Among online study aid providers, Megastudy lost 2.4 points and Credu declined 8.3 percent.
Total trade volume was 465.8 million shares valued at 2.1 trillion won.


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



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