Index's Losing Streak Continues
May 04, 2011
The Korea Composite Stock Price Index fell 9.49 to 779.63 on volume of 16.7 million shares. Decliners led advancers 486 to 304, with 148 issues ending unchanged. Though the market rose in the morning session, heavy selling of blue chips by the afternoon eliminated any hopes of a rebound, analysts said. Large blue chips bore the brunt of selling pressure. Korea Mobile Telecom fell 35,000 won to 559,000; and Samsung Electronics lost 2,000 won to 69,000. Some small-capitalization issues, however, survived the heavy selling. Among them were the so-called mining trio, often referred to as black chips. Youngpoong Industrial rose 2,300 won to 47,300; Jernigan added 3,100 won to 54,800; and Daesung Resources climbed 6,500 won to 119,000. Investors are bullish on these companies because resort towns are being developed near their headquarters. So-called mergers-and-acquisitions issues, or those vulnerable to takeovers, also gained. Ildong Pharmaceutical advanced 2,800 won to 51,100.
