중앙데일리

Chipmakers lead market in a day of losses

May 21,2008
Korean stocks closed lower yesterday, dragged down by sharp declines in chipmakers including Samsung Electronics, analysts said.

The local currency depreciated against the U.S. dollar.

The benchmark Kospi fell 12.22 points, or 0.7 percent, to 1,873.15.

Volume was moderate at 332.0 million shares worth 6.2 trillion won ($5.9 billion) with losers outpacing winners, 492 to 298.

The market underwent a correction for a second day, with foreign selling triggering the tech pullback, said Park Seok-hyun, an analyst at Eugene Investment and Securities.

Investors seem to feel burdened by their recent advances.

Chipmakers were the hardest hit among decliners. Industry leader Samsung Electronics sank 2.1 percent to 713,000 won. Smaller rival Hynix Semiconductor fell 2.5 percent after media reports that one of its computer memory plants in China was forced to halt operations due to a blackout.

Financial and shipbuilding shares closed in negative territory.

Top lender Kookmin Bank declined 1.6 percent to 66,200 won, while top shipyard Hyundai Heavy Industries erased its earlier gains, closing down 0.7 percent at 384,000 won.

However, massive foreign buying and brisk business outlooks helped machinery and refinery shares chalk up substantial gains.

Largest power equipment producer Doosan Heavy Industries and Construction jumped 3.5 percent to 117,000 won. Refinery giant SK Energy also closed up 2.5 percent at 122,000 won on expectations its upgraded oil-production facilities would enhance overall profitability down the road. Mirae Asset Investments Company, Korea s biggest asset manager, said its 4.9 trillion-won Insight Fund, its largest, owns 850,000 shares in Doosan Heavy.

DC Chemical Company, a polysilicon maker, rose 10,000 won, or 2.4 percent, to a record 435,000 won. Net income will jump almost sixfold this year to 799.3 billion won ($765 million), NH Investment and Securities Company said in a report.

The local currency finished at 1,045 won against the dollar, down 1.8 won from Monday s close as investors picked up the greenback, dealers said. Yonhap,Bloomberg



dictionary dictionary | 프린트 메일로보내기 내블로그에 저장