Tech shares, U.S. decline dampens local markets
Korean stock markets closed down yesterday, as investors sold Samsung stock and a winning streak on the U.S. market came to an end overnight. The Kospi dropped 11.03 points, or 0.8 percent, to 1,371.33.“Investors mainly dumped tech shares, taking a cue from falls on Wall Street,” said Kim Young-gak, an analyst at Hyundai Securities.
Bellwether tech stocks were down, led by foreign selling. Samsung, Korea’s biggest electronics manufacturer, fell 2.7 percent to 587,000 won ($624).
Hynix Semiconductor, the world’s second-largest computer memory chipmaker, continued to drop, ending down 1.8 percent, while LG.Philips LCD, the world’s second-largest liquid crystal display panel maker, dropped 3.64 percent.
The nation’s dominant carmaker, Hyundai Motor, dropped 0.2 percent, continuing a fall that started when the company announced dismal fourth-quarter earnings Thursday. Compared to a year before, Hyundai’s stock price had dropped 32.5 percent.
Hyundai affiliate Kia, however, rose 0.9 percent, despite reporting that net profit fell 94.2 percent in 2006 from 2005.
Trading was light, with 149.5 million shares worth 2.2 trillion won changing hands. Losers beat winners 449 to 288.
The junior Kosdaq followed the parent market with a marginal drop of 0.43 points, or less than one percent, to close at 583.15. The closing number was almost the same as last Friday’s 583.62.
Without greater institutional buying, the Kosdaq will not see much more serious growth, analysts said.
Most stocks held steady without any notable change. Internet stocks gained 0.9 percent.
More than 561 million shares worth 1.4 trillion won changed hands at the last session of the week. Losers outpaced winners 533 to 365.
By Hwang Young-jin Staff Writer [yhwang@joongang.co.kr]
with the Korea JoongAng Daily
To write comments, please log in to one of the accounts.
Standards Board Policy (0/250자)