Kospi’s decline stretches to sixth day on U.S. woes
Korean stocks fell a sixth day yesterday following another down day on Wall Street. Korea’s benchmark Kospi dropped by 7.97 points, or 0.4 percent, to close at 1,799.02.The stock market opened low due to a steep decline on Wall Street that was triggered by renewed subprime mortgage concerns.
The Kospi once plunged to 1,786 but rebounded thanks to buying by institutional investors. It was not enough, however, to defend the 1,800-point mark because of a selling spree by foreign investors. With the American Thanksgiving holiday just around the corner, seasonal factors also drove foreign investors to sell.
Samsung Electronics, the nation’s No.1 blue chip by market value, soared 4.7 percent to 539,000 won ($585). Korea Electric Power and Kookmin bank gained 1.5 percent and 1.3 percent, respectively. Hyundai Motor jumped 6 percent. SK Telecom advanced 5.5 percent and KT leapt 6.1 percent on a bright outlook for telecommunication-related shares.
Posco lost 0.4 percent. LG.Philips LCD shed 1 percent, and SK Energy lost 2 percent. Shipbuilding-related shares also fell. The world’s largest shipbuilder, Hyundai Heavy Industries, plunged 5.9 percent, and Daewoo Shipbuilding & Marine Engineering lost 3.1 percent.
Traded volume totaled 306.2 million shares worth 6.1 trillion won.
The secondary Kosdaq also stumbled, closing at 722.04, down 5.3 points, or 0.7 percent. Telecommunication and construction-related shares did well.
Some Internet-related shares, such as NHN and Interpark, an online shopping mall, gained 0.4 percent and 1.2 percent, respectively. But Neowiz Games dropped 0.2 percent, and CJ Internet fell 3 percent. Total traded volume on the Kosdaq was 401.4 million shares valued at 1.5 trillion won.
By Sung So-young Staff Writer [so@joongang.co.kr]
with the Korea JoongAng Daily
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