Big run on Wall Street doesn’t elevate KospiThe main Korean stock market finished the session slightly lower yesterday despite record gains in U.S. markets and a six-year high on the S&P 500.
The yardstick Kospi dipped 0.7 point, or 0.1 percent, to 1,382.36.
In the United States, the Dow Jones Industrial Average set its 26th record high since the blue chip average began its surge at the start of October.
But the rising tide did not lift the main boat in Korea.
“Losses in Asian markets like Japan turned the local main bourse negative,” said Kim Hak-gyun, an analyst at Korea Investment and Securities. “Worse-than-expected corporate earnings from Hyundai Motor also dampened investor sentiment.”
With a 22-percent decline in fourth quarter net profit, Hyundai Motor lost 0.8 percent. Analysts blamed the stronger won and production lost from labor disputes.
Tech bellwether Samsung Electronics gained 0.3 percent to 603,000 won ($644).
LG.Philips LCD, the world’s second-largest liquid crystal display manufacturer, added 2.5 percent. Hynix, the world’s second-largest computer memory chipmaker, lost 0.7 percent after news of government rejection of a new plant in Icheon.
The country’s biggest mobile telephone service provider, SK Telecom, fell 3.2 percent on the announcement of disappointing fourth-quarter results.
Financial issues suffered losses on investor profit-taking. Kookmin Bank, the biggest lender, dropped 0.1 percent. Hana Financial Holdings lost 2 percent.
Volume was light with 153 million shares worth 2.1 trillion won switching hands, with winners outnumbering losers, 381 to 227. The junior Kosdaq index added 3.31 points to finish at 583.58. Neowiz gained 13.4 percent. Volume was 617 million shares worth 1.7 trillion won. Gainers beat losers, 543 to 361.
By Hwang Young-jin Staff Writer [email@example.com]