Rough week for Kospi as China crash lingers

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Rough week for Kospi as China crash lingers

The Kospi, Korea’s main stock market index, closed out its worst week in eight months yesterday as a global equity selloff extended.
The Kospi lost 2.87 points, or 0.2 percent, to finish at 1,414.47.
The numbers took a rollercoaster ride, with heavy volume selling and lingering global market anxiety from the recent stock market crash in Shanghai, said analysts.
“Program selling by institutions and foreign investors, sparked by global market uncertainties from China’s recent stock crash, pushed down the main index,” said Kim Young-gak, an analyst at Hyundai Securities.
The Kospi fell as low as 1,406.92 in early trading in the aftermath of China’s main Shanghai Composite Index, which shed almost 9 percent, the biggest drop in a decade, Tuesday. Stock markets in the Unites States and Japan also lost heavily Thursday.
The main index regained its footing later, following the Shanghai market’s recovery. Warren Buffett’s disclosure of his Posco share ownership also led the steel company shares to rise, helping the index to add numbers. Steel maker Posco surged 3.1 percent. Hyundai-Steel Co. added 2.4 percent.
Bellwether blue chip Samsung Electronics shed 0.2 percent to 566,000 won ($600) while Hynix Semiconductor, the world’s second biggest chip manufacturer, gained 0.8 percent.
Financial shares were the losers. No. 1 financial service provider Woori Financial Group lost 3.1 percent and Samsung Securities, the nation’s top brokerage, fell 0.6 percent.
Trade volume was light with 237.1 million shares worth 3.3 trillion won; 320 shares gained and 290 shares declined.
The tech-heavy junior Kosdaq had the biggest rise among major stock market indexes in Asia. It closed at 606.99, rising 6.06 points, or 1 percent. More than 723 million shares worth 1.7 trillion won were traded. Gainers beat losers 630 to 270.

By Hwang Young-jin Staff Writer []
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