Amid market slide, carmakers go higher
The Kospi index retreated 24.84, or 1.3 percent, to 1,947.74 yesterday in Seoul. The Kosdaq dropped 1.7 percent to 751.27. Kospi 200 futures expiring in December slipped 1.4 percent to 247.85, while the underlying index fell 1.1 percent to 247.39.The stock market opened and closed one hour later than usual to reduce traffic for high school students taking their national college entrance examinations.
About 363 million shares valued at 7.9 trillion won ($8.6 billion) changed hands on the Korea stock exchange, 11 percent more than the three-month daily average of 7.1 trillion won.
SK Telecom, the biggest of Korea’s three wireless operators, lost 8,000 won, or 3.1 percent, to 248,000 won. SK Telecom rose 21 percent this month to Wednesday on news it would buy control of Hanarotelecom, the nation’s second-largest provider of high-speed Internet access.
Hanaro lost 50 won, or 0.5 percent, to 10,500 won. KT Freetel, the second-largest Korean wireless service provider, dropped 1,200 won, or 3.3 percent, to 34,700 won.
Hyundai Heavy, the world’s biggest shipbuilder, dropped 31,000 won, or 6.2 percent, to 470,000 won. Samsung Heavy Industries, the world’s second-largest shipbuilder, lost 1,300 won, or 2.8 percent, to 45,400 won.
Posco, the world’s fourth-largest steelmaker, lost 18,000 won, or 3 percent, to 590,000 won. Hyundai Steel, Korea’s second-biggest steel maker, retreated 500 won, or 0.7 percent, to 75,000 won.
Hyundai Motor, which sells four out of five of its cars overseas, gained 4,000 won, or 5.8 percent, to 73,000 won.
Kia Motors, which gets more than 70 percent of its sales from exports, added 250 won, or 2.5 percent, to 10,300 won.
Samsung Electronics, the world’s biggest computer-memory chip maker, added 23,000 won, or 4.2 percent, to 570,000 won. Hynix Semiconductor, the second largest, advanced 500 won, or 2.2 percent, to 23,700 won. Bloomberg
with the Korea JoongAng Daily
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