Profit taking from rally subdues stock markets

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Profit taking from rally subdues stock markets

Seoul markets closed lower yesterday, ending a three-day winning streak as foreign and institutional investors engaged in profit taking. The benchmark Kospi reached a record high during the day, boosted by Wall Street gains, but later fell 11.16 points, or 0.7 percent, to 1,545.55.
“The index faced a correction, burdened by its record close in the previous session,” said Park Seok-hyun at Kyobo Securities.
Most blue chips fell, led by Samsung Electronics, which dropped 1.2 percent to 564,000 won ($609). Samsung share value fell below 10 percent of the aggregate value of stock. Samsung SDI fell 4.0 percent. Posco dropped 0.6 percent; top refiner SK, 6.3 percent; and SK Telecom, 1.1 percent.
Hynix Semiconductor, however, rose 1.4 percent a day ahead of announcing its quarterly earnings.
Shipbuilders, which helped drive the recent rally, ended down on profit taking. Daewoo Merchant Marine sunk 1.5 percent, Hyundai Mipo Dockyard fell 2.8 percent, and Hanjin Heavy Industries and Construction dropped 1.8 percent.
Bank and finance shares were hurt by recent government moves to tighten mortgage regulations. Top lender Kookmin Bank slipped 0.6 percent, Woori Financial Group lost 1.5 percent, and Shinhan Financial Group, 2.3 percent.
Brokerages, however, gained ground on the lively market, with the largest, Samsung Securities, adding 3.5 percent.
Decliners beat advancers 470 to 315. Trade volume was 437 million shares worth 6.4 trillion won.
Amid weak Asian stock markets, the junior Kosdaq fell 7.94 points, or 1.2 percent, to 683.66.
NHN dropped 3.0 percent on news of a tax investigation, and Megastudy fell 3.4 percent as analysts feared that it had risen too rapidly recently.
Winners fell far behind losers, 260 to 669. Trade volume was 755 million shares valued at 2.2 trillion won.

By Wohn Dong-hee Staff Writer []
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