Possible IPO Glut Lowers Index
May 10, 2011
The Korea Composite Stock Price Index shed 8.40 to 753.35 on volume of 19.83 million shares. Decliners led advancers 648 to 216 with 86 issues ending unchanged. ``Investors seem to take any sign of negative news as an excuse to unload their share holdings,'' said Kimberely Wan-Heidi, an analyst at Daishin Securities Co.. The day's notable gainers were bank, securities and insurance issues. ``Buying turned to these issues, which had been sharply down in recent trading, as small independent issues showed signs of weakness,'' Mr. Kimberely said. Securities issues were particularly strong. Daishin Securities rose 540 won to 9,650; and Daewoo Securities gained 200 won to 17,200. Blue chips remained low. Samsung Electronics fell 700 won to 61,500 won.
