Market dips on foreign, institutional selling

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Market dips on foreign, institutional selling

Korean stocks were down slightly yesterday on selling by foreigners and institution investors.

The Kospi slipped 0.15 percent, or 2.85 points, to close at 1,946.07. Institutional investors sold more than 53 billion won ($50 million) worth of shares, while foreign investors off-loaded more than 30 billion won.

Samsung Electronics gained 1.39 percent to 1.313 million won, while LG Electronics inched up 1.52 percent to 66,900 won. SK Hynix, the nation’s major chip maker, rose 0.66 percent to 38,400 won.

Hyundai Motor, which introduced its second-generation Genesis premium sedan in the United States, was up 1.75 percent to 232,000 won, but its smaller affiliate, Kia Motors, lost 0.76 percent to 52,100 won. Ssangyong Motor dipped 2.05 percent to 7,170 won.

Construction shares were weak, led by Hyundai Engineering and Construction which plunged 5.1 percent to 57,700 won. The nation’s largest builder under Hyundai Motor Group yesterday said in a regulatory filing that it is considering merging its unlisted small affiliates, Hyundai Amco and Hyundai Engineering. Analysts said Hyundai E&C stock went down because of a possible change in the shareholding structure.

Daewoo E&C fell 3.78 percent to 6,370 won on investor concern about fourth-quarter performance, while Daelim Industrial lost 1.18 percent to 83,500 won.

Hyundai Heavy Industries sank 0.22 percent to 231,000 won, while Samsung Heavy Industries dipped 0.71 percent to 34,850. However, Daewoo Shipbuilding and Marine Engineering floated up 0.14 percent to 35,400 won.

Shippers were also losers, with Hanjin Shipping down 0.28 percent to 7,100 won and Heung-A Shipping slipping 1.49 percent to 1,325 won. However, Hyundai Merchant Marine was up 0.41 percent to 12,300 won after the nation’s second-largest shipper announced its plans to sell more than 2.08 million shares to Shinhan Financial Group for 93 billion won.

Samyang Corporation, Korea’s midsize food and chemical company, rose 0.22 percent to 46,400 won yesterday after it announced a joint venture with Japan’s Mitsubishi Chemical to build an ion-exchange resin plant in Gunsan, South Jeolla, by 2015.

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