KOSPI Slips Below 550

The Seoul Bourse fell below 550 Friday and The Korea Composite Stock Price Index (KOSPI) closed down 9.31 points or 1.67 percent to 546.02. The Kosdaq tumbled 1.50 points or 3.92 percent to finish at another all-time low of 36.69.

A two-day consecutive rally on the National Pension Corporation and a treasury stock buy-out by Samsung Electronics did not thaw frozen investor sentiment. Foreign investors sold off stocks worth 74.6 billion won and bought futures worth 2.216 trillion won.

Electricity & electronics and gas issues declined on the KOSPI market and all issues except manufacturing issues declined on the Kosdaq market. 676 issues declined with 33 issues for a daily low while only 110 issues gained with 6 for a daily high on the KOSPI market. On the Kosdaq, 707 issues dropped with 124 issues seeing a daily low while 101 issues rose with 4 reaching a daily high.

Suk-Ho Shin kyle@donga.com