Possible rise in the yen prompts tech optimism

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Possible rise in the yen prompts tech optimism

Seoul’s main bourse slipped yesterday as investors went to the sidelines on expectations that the index will soon hit a new high, analysts said. The Kospi fell 1.58 points, or 0.1 percent, to 1,451.38.
“Investors seemed to take a breather before the index reaches a record high,” said Park Seok-hyun at Kyobo Securities.
Tech exporters gained ground on news that the Bank of Japan’s decision may prompt a depreciation of the won against the yen, thus boosting exports to the neighboring country. Market leader Samsung Electronics went up 1 percent to 606,000 won ($645.71).
Hynix Semiconductor rose 2.0 percent, Samsung SDI went up 3.9 percent, and LG. Philips LCD advanced 1.8 percent.
Builders took a hit from profit taking. No. 1 builder Daewoo Engineering & Construction slipped 0.3 percent, while smaller rival Hyundai Engineering & Construction dropped 3.0 percent.
Communications took a beating, with top mobile provider SK Telecom sliding 0.5 percent.
After hitting a record high during the day, top steelmaker Posco fell 0.7 percent, ending a five-day bull run. Smaller rival Hyundai Steel lost 4.1 percent.
Volume was moderate at 252.3 million shares worth 3 trillion won. Advancers lagged behind decliners 347 to 409.
The junior Kosdaq rose for the fifth session despite foreign selling, moving up 0.68 points, or 0.1 percent, to close at 608.16.
Net shares were weak. NHN dropped 3.2 percent, and Neowiz fell 1.7 percent. Etrade started off 100 percent higher than its public subscription price, and then rose by the daily limit before the end of the session. Osstem Implant rose by the daily limit foreign buying.
Winners beat losers 467 to 424. Trade volume was 581.9 million shares worth 1.8 trillion won.
The won finished at 938.50 to the dollar, unmoved from Tuesday’s close.

By Wohn Dong-hee Staff Writer [wohn@joongang.co.kr]
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