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U.S. tech stocks tumble; Kospi, Kosdaq go down

Jan 18,2007
Seoul markets fell yesterday as a wave of institutional investors dumped shares in line with overnight falls in U.S. tech stocks. The benchmark Kospi fell 10.23 points, 0.7 percent, to 1,379.48.
“A disappointing quarterly earnings report by Intel triggered a losing streak in IT stocks, sending the local bourse lower,” said Kim Jung-hyun at Goodmorning Shinhan Securities. The won-yen exchange rate hit its lowest point in nine years and three months.
Samsung Electronics dropped 1.8 percent to 602,000 won ($642), and LG.Philips LCD lost 4.1 percent as it reported a fourth-quarter loss. LG Electronics also fell 4.5 percent. Hynix Semiconductor withdrew by 2.4 percent.
Also falling were Korea Electric Power Corp. at 0.2 percent, Posco by 0.5 percent and SK Telecom at 2.4 percent.
Bank shares fared better. Top lender Kookmin Bank advanced 0.7 percent, Shinhan Financial Group, 2.7 percent, and Woori Finance Holdings, 2.4 percent.
Shipbuilders rose for a third day amid bullish expectations for exports. Hyundai Mipo Dockyard, the world fourth-largest shipbuilder, soared 6.2 percent on foreign buying amid growing global demand for petroleum carriers. Samsung Heavy Industries, the world’s No. 2 shipyard, gained 1.47 percent after an announcement the previous day that earnings more than doubled last year.
Losers trampled winners 539 to 208. Trade volume was 268 million shares worth 2.57 trillion won.
The junior Kosdaq lost 7.33 points, or 1.2 percent, ending at 598.17. NHN was up 0.2 percent after three days of losses, but other Web shares fell. Daum fell 1.3 percent, Neowiz dropped 2.6 percent, CJ Internet lost 0.3 percent. and Interpark went down 4.7 percent.
Listing for the first time yesterday, Oscotec and Chemtronics rose by the daily limit. Decliners beat advancers 648 to 264. Volume was 807 million shares worth 1.89 trillion won.


By Wohn Dong-hee Staff Writer [wohn@joongang.co.kr]