Closed Kospi down 1.1%; Support Soon 1900

Closed Kospi down 1.1%; Support Soon 1900

Kospi ended down 1.1% at 1909.03 sale by the local institutions which release KRW263 billion worth of shares, as investors were cautious about how Europe will carry out his plan to resolve the debt crisis on the continent, analysts say.
Although the lower end, the index rose nearly 8.0% in October as fears of recession, the market potential of the global economic decline compared with September and August.

Analysts peg the immediate support for the index in 1900, then around 1850, with resistance at the psychologically important 2000 mark for the short term.

Broad-based losses, with some chemical stocks heavyweight reported a sharp decline after the rise recently; SK Innovation fell 3.9% to KRW170, 500 and LG Chem fell 4.2% to KRW364, 000.

Among banks, KB Financial down 3.6% to KRW43, 400 following 3Q results are below expectations. On the rising edge, the electronics giant Samsung Electronics rose 2.4% to KRW968, 000 on hopes for better 4Q earnings.