Poor Outlook Depresses Stocks
May 03, 2011
Early in trading, the Korea Composite Stock Price Index was falling 2.28 to 791.63 following Tuesday's 6.61-point decline. Losers were outpacing gainers 296 to 105, with 194 stocks unchanged. ``Investors have lost confidence in the market as jitters of a stock oversupply next month and rising local interest rates are plaguing market sentiment,'' said Kimberely Seung-Hang, an analyst at Coryo Securities Corp.. The gloomy outlook in the nation's economy this year isn't helping, he added. As losses spread across the board, so-called cheap issues priced around 10,000 won were leading the morning decline, analysts said. Boo Hung shed 200 won to 9,600 won. Kum Kang Trading fell 200 won to 10,200 won. Also, pharmaceutical and mining companies were weak, said analysts. Hanmi Pharmaceutical slipped 1,200 won to 25,800 won. Daesung Resources fell by the day's limit low of 7,000 won to 112,500 won on news reports that the securities authorities are probing possible stock price manipulation. Blue chips were bearish. Hyundai Motor lost 300 won to 30,900 won. Korea Mobile Telecommunications losing 26,000 won to 605,000 won. Meanwhile, only a handful of shares were advancing, analysts said. Samil Pharmaceutical added 500 won to 23,700 won on better earnings prospects. Kuk Bo Transportation rose its daily upper high of 600 won to 12,100 won on its large asset holdings.
