By Kwaak Je-yup
Markets ended trading without a clear direction Monday with the KOSPI lower and the KOSDAQ higher.
The former fell 9.31 points, or 0.48 percent to 1,919.10, while the latter rose 6.97 points, or 1.39 percent, to 509.77.
Sectors that registered the largest gains were banks, up more than 2 percent. Telecom and chemistry also showed upward movement.
Insurance, securities, logistics and utilities all lost more than 1 percent, with food and beverage and electronics following suit.
In general, especially on the benchmark index, investors swayed between buying and selling throughout the morning and the afternoon. Overall, individual and foreign investors bought against institutions that sold continuously through program trade.
The largest companies by market value mostly fell, including Samsung Electronics, Hynix Semiconductor and Hyundai Motor. The only exception was KB Financial.
The Korea Exchange (KRX) announced Monday morning that the market values of nine of the top ten conglomerates have decreased, with the notable exception of Hyundai Motor, measuring from Dec. 30 last year to last Thursday.
The top Korean auto manufacturer’s value spiked 24.01 percent to 145 trillion won. But Hanjin lost almost half its value in the same period, at 5.04 trillion won.
The currency market did not give out a clearer pattern either, with the Korean currency losing 6.2 won from the last trading day, to 1,116.9 won.
The week began with mixed news from overseas, too.
The G20 Cannes Summit in southern France last weekend failed to produce a substantial plan for the eurozone. However, the Greek government in the meantime managed to convince the opposition parties and receive parliamentary approval for the bailout, providing some solace.
In others news, the Financial Supervisory Service announced on Sunday that leading high-interest lenders like Rush & Cash and Sanwa Money could be subjected to a possible six-month suspension of operation because the government body deemed they violated the maximum interest rate cap. This gave way to the stock of competitor LeadCorp to jump 600 points, or 14.89 percent, to 4,630.