Kospi finishes day lower but up 32 percent for ’07
Korean stocks declined on this year’s final trading day after U.S. durable-goods orders rose less than estimated and jobless claims unexpectedly climbed, heightening concern the world’s largest economy is slowing.The Kospi index lost 11.49 points, or 0.6 percent, closing at 1,897.13 in Seoul. The market was up 32 percent for the year, its fifth-straight annual gain. The Kosdaq rose 0.7 percent to 704.23.
About 227 million shares valued at 3.6 trillion won ($3.8 billion) changed hands on the Korea stock exchange.
This year, companies that benefit from China’s economic growth, including shipbuilders and steelmakers, led the index higher as the neighboring nation’s expansion spurred global trade and drove up commodities prices. The trading of Korean stocks will resume on Jan. 2 at 10 a.m.
Yesterday, Samsung Electronics dropped 14,000 won, or 2.5 percent, to 556,000 won. LG.Philips LCD, the world’s second-largest maker of liquid-crystal displays, fell 1,700 won, or 3.6 percent, to 49,500.
Dongbu Insurance, the second-largest Korean non-life insurer by market value, climbed 1,500 won, or 2.8 percent, to 54,700. Hyundai Marine and Fire Insurance, the third biggest, advanced 550 won, or 2.2 percent, to 25,500.
Hyundai Motor, Korea’s largest automaker, gained 600 won, or 0.9 percent, to 71,600, bringing the year’s advance to 6.2 percent. Hyundai Steel, the nation’s second-biggest steelmaker, rose 900 won, or 1.2 percent, to 79,000.
LG International, the trading arm of Korea’s fourth-largest industrial group, slipped 600 won, or 2.6 percent, to 22,200. Woori Investment and Securities reduced its 12-month price estimate by 14 percent to 27,500 won, citing slow growth in more profitable businesses including resource development.
STX Shipbuilding, the first Korean company to set up a yard in China, rose 1,450 won, or 3 percent, to 50,000. Bloomberg
with the Korea JoongAng Daily
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