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Investors take gains, pulling market lower

Dec 27,2007
A selling spree by retail investors seeking profits led the Korean stock market lower yesterday.
The benchmark Kospi fell 12.75 points, or 0.7 percent, from Monday, to 1,906.72 points. Individual investors sold 120.2 billion won ($128 million) worth of shares. Korean stock markets were closed Tuesday for Christmas.
Samsung Electronics, the nation’s No.1 blue chip by market value, lost 0.4 percent to 576,000 won. Hyundai Heavy Industries and Korea Electric Power shed 0.7 percent and 3.4 percent, respectively. SK Energy lost 3 percent, while Hyundai Motor fell 1.8 percent.
Telecoms also fell. Top mobile carrier SK Telecom dropped 2.5 percent, and the No.2 mobile service provider, KTF, shed 1.9 percent. Fixed-line Internet and telephone operator KT was unchanged.
Lenders also slid. Top lender Kookmin Bank fell 0.8 percent, while Shinhan Financial Group declined 0.7 percent. Woori Financial Group and Hana Financial Group shed 2.8 percent and 1.7 percent, respectively.
Brokerages were also weak. Mirae Asset fell 1.7 percent, and Samsung Securities 0.8 percent. Hyundai Securities and Woori Investment and Securities declined 2.3 percent and 1.2 percent, respectively. Daewoo Securities gained 0.7 percent.
Trade volume was 250.7 million shares, valued at 3.7 trillion won. Losing shares outnumbered winners, 414 to 371.
The secondary Kosdaq inched down 6.71 points, or 1 percent, to close at 692.02 points.
NHN, the Kosdaq leader in terms of market cap, went down 5.4 percent. Hanaro Telecom, Mega Study and Asiana Airlines, the other big players on the junior market, dropped 1.4 percent, 3.9 percent and 1.3 percent, respectively.
Trade volume was 418.4 million shares, valued at 1.5 trillion won. Decliners led winners, 496 to 456.


By Moon Gwang-lip Staff Reporter [joe@joongang.co.kr]



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