Market bounces back from panic selling

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Market bounces back from panic selling

Korean stocks rebounded from a sharp slide Monday with a rise in automobile and telecommunication shares.

The Kospi advanced 0.34 percent higher, or 6.59 points, to close at 1,916.93 yesterday. Foreign investors were again net sellers as they offloaded more than 314 billion won ($290 million) worth of shares.

Hyundai Motor, the nation’s largest automaker, rose 3.13 percent to 230,500 won, buoyed by a stabilizing currency situation, while its smaller affiliate Kia Motors jumped 1.31 percent to 54,200 won. Hyundai Mobis, an auto parts maker under the Hyundai Motor Group, gained 3.57 percent to 304,500 won.

Hankook Tire, which yesterday announced operating profits of 1 trillion won for the first time, was up 2.6 percent to 63,100 won.

SK Telecom, the nation’s largest mobile carrier, climbed 3.65 percent to 213,000 won after a strong fourth-quarter performance announcement yesterday. Despite poor earnings, KT was up 4.52 percent to 31,200 won with a new chairman’s commitment to overhaul the company, while No. 3 player LG U+ advanced 2.94 percent to 30,400 won.

In contrast, construction shares plunged. Samsung Engineering fell 4.27 percent to 67,200 won yesterday on a weak earnings report. The affiliate of Samsung Group said it had an operating loss of 1.02 trillion won last year, while sales dropped 14.3 percent year-on-year to 9.8 trillion won.

Korea’s largest builder Hyundai E&C dropped 1.21 percent to 57,100 won, while Daelim Industrial lost 2.98 percent to 78,100 won.

However, Daewoo E&C soared 8.77 percent to 6,450 won despite poor earnings. The company reported that its sales increased 3.5 percent year-on-year to 8.18 trillion won, but operating profit and net profit all went into the red, with losses of 119.9 billion won and 651.4 billion won, respectively.

Tech giant Samsung Electronics fell 0.7 percent to 1.283 million won despite a patent accord with Google announced Monday, while its smaller rival, LG Electronics, also plunged 3.92 percent to 66,200 won. However, SK Hynix, the chip maker that posted its best-ever performance last year, was up 4.4 percent to 36,800 won.


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