Bears rumble in Kospi for 4th day; Posco falls

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Bears rumble in Kospi for 4th day; Posco falls

A growling bear kept stalking Korean stock markets as the Kospi index had another double-digit drop.
Market sentiment remained subdued amid the global stock rout stemming from China. Posco, Kookmin Bank and Shinsegae pulled down the market.
The benchmark Kospi dropped by 38.32 points, or 2.7 percent, to end at 1,376.15, its fourth consecutive session of decline.
But analysts remained sanguine, saying the latest market downturn in China is unlikely to hurt the market as badly as the nation’s market crash in 2004.
“Unlike the market meltdown in April 2004, when all shares nosedived, shares that are directly related to China’s economic growth, like metal, electronics and energy, only experienced a mild correction this time,” Woori Investment & Securities said in a report.
“The latest development is expected to have only limited impact on the market.”
Samsung Electronics, Korea’s largest listed firm, lost 0.5 percent to close at 563,000 won ($591). Posco, Korea’s largest steel company, shed 8.5 percent and Kookmin Bank, the nation’s top lender, lost 3.6 percent.
Other financial shares also slumped. Shinhan Financial Group, Korea’s second-largest financial firm, tumbled 3 percent, and the No. 3 financial firm, Woori, lost 3.3 percent.
Hyundai Motor Co. slid 0.7 percent. Hynix Semiconductor was the only gainer among the top 10 firms, with a 0.2 percent gain.
Trading volume was 227.9 million, worth 3.2 trillion won. Decliners led advancers, 650 to 134.
The tech-heavy Kosdaq dropped 12.96 points, or 2.1 percent, to close at 594.03. It was the biggest loss in 45 days.
Trading volume was 712.7 million shares, worth 1.9 trillion won. Decliners led advancers 665 to 262.

By Jung Ha-won Staff Writer []
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