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Markets dip as investors sell electronics shares

Jan 16,2007
The Korean stock markets slid slightly yesterday, ending three straight sessions of gains, as retail and foreign investors sold off electronics shares. The Kospi shed 1.25 points, or 0.1 percent, to 1,389.71.
“Amid a lack of positive leads and corporate earnings reports that failed to beat the market consensus, the market didn’t rebound from a recent plunge,” said Kang Hyun-chul, an analyst at Woori Investment & Securities.
Technology bellwether Samsung Electronics edged up 0.2 percent to 613,000 won ($655), extending its winning streak to a fourth session, as it began to buy back shares. The company plans to repurchase shares worth 1.8 trillion won until mid-April.
LG.Philips LCD, the world’s second-largest maker of liquid crystal displays, added 1 percent. It said yesterday it swung to a net loss in the fourth quarter on price declines and a strong local currency.
Top steelmaker Posco lost 0.8 percent while the No. 1 mobile service provider, SK Telecom, advanced 0.5 percent.
The world’s seventh-largest automaker, Hyundai Motor, gained 2.03 percent on investor bargain hunting. After more than eight months of court proceedings, prosecutors yesterday sought a six-year jail term for Hyundai Automotive Group chairman Chung Mong-koo on alleged charges of embezzlement and breach of trust related to bribery.
Hana Financial Group gained 2.6 percent while Kookmin Bank lost 0.7 percent. Shipbuilders maintained momentum on expectations of record exports for 2007.
Volume was thin at 167.6 million shares worth 2.1 trillion won, with losers outpacing winners 471 to 269.
The secondary Kosdaq went down 2.97 points, or 0.5 percent, to close at 605.5. Traded volume was 668.3 million shares valued at 1.8 trillion won, with decliners excelling advancers 528 to 377.

By Seo Ji-eun Staff Writer