Investors reap profits pulling the Kospi lower

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Investors reap profits pulling the Kospi lower

Profit taking pulled the Kospi down by 10.61 points, or 0.68 percent, to 1,542.52 yesterday. The secondary Kosdaq market also lost 6.41 points, or 0.94 percent, ending at 675.52.
Institutional investors took advantage of the recent surge in the Seoul stock market to realize gains. The Korea Securities Dealers Association said the brokerage account deposit rose 78.4 billion won, to 11.8 trillion won as of Thursday, increasing for three straight days.
Foreign investors net purchased 180.3 billion won ($193.9 million) worth of shares, and retail investors purchased a net 34.1 billion won. Institutional investors sold a net 232.3 billion won. Program selling of 175.3 billion won pushed down the main index further.
Posco lost 1.5 percent, and Hyundai Mipo Dockyard shed 4.5 percent, after the two companies announced they would exchange shares to fend off a possible hostile takeover of Posco. Hyundai Heavy Industries stayed the same. Hyundai Motor declined 3.49 percent, with worries over its performance, and Kia Motors also slid 1.33 percent.
Securities company shares advanced amid talk of possible mergers and acquisitions in the financial sector. Meritz Securities rose 9.3 percent, Kyobo increased 8.5 percent, SK advanced 5.35 percent and Shinheung climbed 5.9 percent.
The Kosdaq declined for the fourth straight day as it becomes more difficult to purchase stocks on accounts receivable beginning in May. The secondary market is highly dependent on individual investors, and there are worries over lack of demand and supply. NHN declined 1.83 percent, CJ Internet shed 2.73 percent, but Daum advanced 3.99 percent.
Retail investors sold a net 9 billion won of issues, institutional investors released 6.9 billion won and foreign investors bought 1.2 billion won.

By Limb Jae-un Staff Writer []
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