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Stock Price Down To 520 Points

Posted July. 24, 2001 11:29,   


Due the psychological panic in the stock market, the Korea Composite Stock Price Index (KCSPI) fell down to 520. The KOSDAQ hit the lowest level of the year. The KCSPI closed at 524.21, 13.5 percent lower than the last weekend. The KOSDAQ closed at 64.14, losing 2.94 points.

The stock market yesterday continued to fall down because there were no factors to attract foreign investors under the influences of the weak stock markets in the U.S. and Japan. Although there were materials for the program purchases, it was beyond its capacity to undertake the sales of foreign investors and individual investors.

Especially, as more individual investors sided with the selling, the market showed the tendency of dumping, thereby overshadowing the outlook of the temporary stock market. The amount of net selling was 31.2 billion won for foreign investors, 45.6 billion won for the individual investors, and 74 billion won for the organizations.

Only communication businesses showed the upward tendency, while all other businesses showed the downward tendency. The transportation-equipment business and the construction business fell by 6 percent, and the medical technology and the merchant bank related businesses fell by more than five percent. Especially, the Hynix semiconductor hit the lowest stock price in history.

The symptom of enervation of the KOSDAQ market lowered the KOSDAQ to the lowest in the year. The KOSDAQ 64.14 broke through the lowest point of 64.34 (April 4) in three months. While all the businesses showed the downward tendency, manufacturing business, construction, and venture firms fell by more than 4 percent.Although individuals showed the upper hand in buying, it was beyond their capacity to block the sales of foreign investors and the organization investors. Stock prices of Humax, Auction, Joosung Engineering, Korean Information Communication, and Hyundai Information Technology fell by more than 5 percent.

Lee Jin leej@donga.com