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July 30, 2010
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| Korean stocks finished 0.15 percent lower yesterday led by tech shares, as investors locked in profits after the announcement of disappointing U.S. economic data, analysts said. The local currency fell against the U.S. dollar. The benchmark Kospi edged down 2.59 points to end at 1,770.88. Trading volume was moderate at 339 million shares worth 5.25 trillion won ($4.43 billion), with losers leading gainers 462 to 321. “Tech companies were weighed down by LG Electronics’ profit concerns and U.S. data that showed slowing demand for durable goods,” said Lim Dong-min, an analyst at KB Investment & Securities. “Overall, investor sentiment toward the technology sector remains fragile.” On Wednesday, the U.S. Commerce Department said orders of durable goods, or products that last more than three years, showed a decline, disappointing investors who expected a moderate gain. The tech-focused Nasdaq Composite Index dropped 1.04 percent. LG Electronics, the world’s No. 3 handset maker, declined 0.5 percent to 100,500 won, while chip giant Hynix Semiconductor dropped 3.25 percent to 22,350 won. LG Display, the world’s No. 2 maker of liquid-crystal display (LCD) panels, sank 4.25 percent to 36,050 won on concerns about panel oversupply. LG Innotek, which makes LCD modules, also fell 4.26 percent to 157,500 won. Automakers, despite their stellar earnings report, ended lower. Top carmaker Hyundai Motor inched down 0.69 percent to 144,000 won after reporting record high quarterly net income. Its smaller affiliate, Kia Motors, shed 0.98 percent to 30,200 won. Meanwhile, Hanjin Shipping, Korea’s largest container line, retreated 2.8 percent to 31,700 won, the lowest since June 15. The company was downgraded to “sell” from “hold” at Deutsche Bank AG. In contrast, Korea Petrochemical Industrial jumped 7.3 percent to 67,600 won, the most since June 7. Korea Petrochemical’s land value at its headquarters and other locations rose to 476.2 billion won from 154.6 billion won in a recent re-evaluation, the company said in a regulatory filing yesterday after the market closed. The local currency closed at 1,186.40 won to the greenback, down 2.3 won from Wednesday’s close. Yonhap, Bloomberg |
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