Kospi dips slightly on institutional selling
Seoul stocks ended marginally lower yesterday as institutions unloaded tech, financial and other blue-chip stocks in the first session of June, analysts said. The benchmark Kospi slid 4.49 points, or 0.2 percent, to 1,847.53.Volume was small at 230 million shares worth 4.5 trillion won ($4.4 billion) with losers outpacing gainers, 436 to 360.
“Korea’s key index lost ground on program selling by institutions amid mixed results on Wall Street in the previous session,” said Lim Dong-min, an analyst at Dongbu Securities.
Tech exporters and financial issues fell substantially. Market heavyweight Samsung Electronics declined 2 percent to 726,000 won, and its chip-making rival Hynix Semiconductor fell 2.1 percent.
Korea Finance Holdings dropped 2.1 percent and Samsung Fire and Marine Insurance tumbled 2.5 percent.
Machinery makers and energy shares also finished in the negative column. Leading power generator Doosan Heavy Industries slumped 1.6 percent, and top refiner SK Energy lost 0.9 percent.
Shipyards, however, gained momentum. Hyundai Heavy Industries, the world’s largest shipbuilder, climbed 2.1 percent. And Samsung Heavy Industries, the world’s No. 2, rose 2.7 percent. They were buoyed by the expectations they will attract more orders after an accident at a Chinese yard last week halted production.
Hudong-Zhonghua Shipbuilding, a unit of China’s biggest shipyard, said on Friday that two 600-ton cranes collapsed. “It will probably take six months to a year to get those cranes replaced and it will be inevitable that vessel deliveries will be delayed,” said Lee Jae-kyu, an analyst at Mirae Asset Securities in Seoul. “Delays will hurt the creditability of the Chinese yards and could prompt shipowners to look to rivals in Korea.”
U.S. stocks finished mixed Friday amid easing oil prices and a government report showing modest consumer spending and income gains for last month. The Dow Jones industrial average slid 0.2 percent, while the tech-laced Nasdaq increased 0.5 percent.
The secondary Kosdaq also ended slightly lower. It fell 1.04 points, or 0.2 percent, to 651.11.
Yonhap, Bloomberg
with the Korea JoongAng Daily
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