Stocks Fall in Light Trading
May 15, 2011
The Korea Composite Stock Price Index slipped 7.23 to 774.26. Volume was light, with 17.1 million shares valued at 316.6 billion won changing hands. Losers led gainers 533 to 312, with 117 issues unchanged. A total of 26 issues fell to the daily permissible lows while 57 issues soared to the daily maximum highs. The strength in shares on the second-section was attributed to increased buying upon the allowance of margin trading in them. Starting Monday, small investors can buy shares on the second-section with margin loans from brokerage houses. Monday was also the first trading day that the Morgan Stanley Capital International country indexes have reflected 50% of overall market value on the Korea Composite Stock Price Index on its own indexes, an expansion from the former 20%. But analysts said the Korean stock market showed little reaction in the day to the expansion. The Ministry of Trade, Industry and Energy announced Monday that South Korea's trade deficit widened sharply to $2.90 billion in August from a deficit of $901 million during the same month of last year. The biggest losers were blue-chips and drug makers, analysts said. Easing the index's slide were rebounds in securities issues in what analysts describe as a recovery from recent plunges. Seoul Securities soared by the daily limit of 550 won to end at 9,750 won. By sector, losses were posted across the board with the exception of some non-ferrous metals makers, transportation companies and securities companies. Among individual gainers, Ottogi Foods ended strong at 23,100 won, up 1,300 won, on hopes of earnings improvement in line with a rise in prices of products, while Sae Han Precision soared by the daily limit of 1,800 won to end at 31,800 won on market talk the electronics parts maker will make inroads into the leisure and resort sector.
