Bad day on Wall Street affects Korean markets

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Bad day on Wall Street affects Korean markets

Seoul stocks tumbled yesterday as poor performance by U.S. stock markets dampened sentiment here. The benchmark Kospi dropped 13.4 points, or 0.9 percent, to close at 1,414.29.
Samsung Electronics lost 2.2 percent to close at 572,000 won ($610). Other technology shares declined as well. Hynix Semiconductor lost 2.2 percent, and SK Telecom, Korea’s largest wireless operator, fell 0.3 percent.
But LG Electronics, Asia’s second-largest mobile phone maker, rose 1.9 percent as it was chosen to provide as many as 10 million units of its latest high-tech phones to a consortium of 12 wireless operators around the world.
The U.S. Dow Jones Industrial Average lost 0.5 percent to 12,580.80 last Friday on rising concern over America’s real estate prices and inflation, which fanned anxiety regarding a possible interest rate hike there.
LG.Philips LCD climbed 2 percent after the company announced a plan to increase production of its 7th-generation liquid crystal display panels at factories in Paju by 110,000 units a month, from the current capacity of 900,000 units.
NCsoft, an online game producer known for its popular game Lineage, shed 0.4 percent as the Lineage production team struggled against top management.
Trading volume was 203.2 million shares worth 2.7 trillion won. Losers outpaced advancers, 524 to 244.
The technology-heavy Kosdaq index fell 2.7 points, or 0.5 percent, to end at 599.19.
Megastudy, a producer of online study aids for college entrance exams, surged 5 percent after it announced that annual sales exceeded 100 billion won for the first time. Company sales were 101.2 billion in 2006, while operating profit increased by more than 30 percent.
Decliners led advancers, 559 to 340. Volume was 511.1 million shares worth 1.5 trillion won.

By Jung Ha-won Staff Writer []
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