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Global uncertainty pulls market lower

Jan 03,2008
The Kospi index fell 43.68 points, or 2.3 percent, closing at 1,853.45 yesterday, the lowest since Dec. 20. Kospi 200 futures expiring in March fell 2.3 percent to 236.50, while the underlying index declined 2.5 percent to 235.30. Samsung Electronics and Lotte Shopping led the retreat. The Kosdaq added 0.4 percent to 707.12.
“The markets are rational, and their moves reflect the surrounding environment,” said Kwon Hyeuk-boo, an analyst at Daishin Investment Trust Management. “The negative impact of outside risks on Asian economies will be stronger this year.”
Lotte slipped 5 percent to 392,500 won ($419). Shinhan Financial Group lost 2.8 percent to 52,000 won.
Samsung Electronics dropped 2.2 percent to 544,000 won. LG.Philips LCD retreated 4.6 percent to 47,250 won. LG Electronics declined 3.6 percent to 96,400 won. Hynix Semiconductor fell 4.2 percent to 24,850 won.
SK Telecom slid the most in almost five years on concerns the country’s new president, who takes office next month, will press for lower mobile-phone service fees. SK Telecom slid 8.4 percent to 228,000 won. That’s the steepest fall since March 2003. KT Freetel lost 3.3 percent to 29,350 won. LG Telecom dropped 6.3 percent to 9,220 won.
“Wireless-service providers are feeling the heat from the political sphere to lower their rates,” wrote Yang Jong-in, an analyst at Korea Investment. “Uncertainty will increase until we know exactly how the tariffs will be cut.”
KT gained 0.8 percent to 49,300 won. Hanarotelecom added 6.6 percent to 11,250 won. The companies will benefit from the passage of a bill enabling them to provide live Internet-television programming, Korea Investment said.
Korea Electric Power Corporation fell 2.5 percent to 38,650 won.
About 241 million shares valued at 4.4 trillion won changed hands on the stock exchange.
Bloomberg


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