Stock Price Dropped 18 Points, Closed At 560

The Korea Composite Stock Price Index dropped 18.54 points and closed at 560, following the heavy losses on the U.S. stock yesterday. The KOSDAQ dropped 3.96 points and closed at 70.12.

The composite stock price index dropped as foreign investors took advantage of selling shares. Foreign investors net sold 181.2 billion won at the main market, the largest figure for the year. This was due to the delay of the performance improvement of the technical stocks and the deterioration of the employment index in June. Especially, the index dropped because foreign investors heavily sold shares in Samsung Electronics and Hynix Semiconductor.

All categories of industry, except the steel and metal which showed a steady upward tendency, showed the declining tendency. The electric and electronic industries, including Samsung Electronics and Hynix Semiconductor, fell 5.99 percent following others; the general banking industry (-6.73 percent) and the security corporations (-6.32 percent).

The trading volume (250.53 million shares) and the trading price (1.4299 trillion won) were also inactive. Stock prices of 72 items, including 14 items with the maximum price, rose, while stock prices of 772 items, including 30 items with the lowest price, fell. Sun Kyung-Rae team chief of the MiraeAsset (future asset) said, ``as Samsung Electronics fell due to the foreign investors’ selling of shares, it negatively influenced other items. The market situation will be heavily influenced by Samsung Electronics, which showed the declining tendency.``

The KOSDAQ also showed downtrend as the declined items reached 600. According to the type of business, venture corporations and the manufacturing business dropped 7 percent, the largest figure. The stock prices of 567 items, the most number of items for the year, fell, including the 92 items with the lowest price. Stock prices of the only 45 items, including 4 items with the maximum price, had risen.

Lee Jin leej@donga.com