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Stock index drops 34 points

Posted August. 08, 2000 12:26,   


The Korea Stock Price Index fell below the 700-point mark without hesitation on August 7.

The KOSPI dropped 34.41 points to 675.59, the index¡¯s lowest point since May 29`s 655.93. In addition, trading volume was 1.28 trillion won, the lowest since March 5`s 1.25 trillion won.Only 138 issues were gainers for the day, with 17 issues soared to their daily high limits, while as many as 713 stocks were losers with 20 sliding to their daily lows.

Hit by the spot market, the futures index also plunged abruptly. At 1:06 p.m., sidecar was applied to the market, which calls for temporary suspension of trading when the index changes by more than 4%.Investors worried whether Hyundai Engineering and Construction would be placed under the corporate workout program, as Hyundai Group declined to accept the government¡¯s and its creditors¡¯ demands, and instead delayed the announcement of its self-relief package. As a result, Hyundai affiliates, including Hyundai Engineering and Construction, Hyundai Securities and Hyundai Electronics Industries, fell sharply. Most large-cap issues, including Samsung Electronics, SK Telecom and Korea Telecom, were losers in the day`s trading.

Meanwhile, the KOSDAQ Index dropped 4.39 points and closed at 119.49, influenced by the abrupt decline of the Korea Stock Exchange.