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To: DJBEINO who wrote (28135)	2/10/1998 2:37:00 PM
From: DJBEINO	Read Replies (1) \| Respond to of 53903

02-11-98 : Labor Discord Pulls Down Share Prices 2.25 Percent Hit by labor groups' discord over last week's layoff agreement, share prices dropped 2.25 percent, halting three-day rally yesterday, dealers said. As foreign investors reduced their purchases while institutional investors continued unloading their holdings onto the market, the index plunged 12.47 points, closing at 541.77, but off the day's low of 538.37 points. Declining issues outnumbered advancers 531 to 316 with 53 issues remaining flat. Turnover was slightly down from the previous day, with 86.06 million shares worth 874.71 billion won ($548.41 million) changing hands. The local currency also slipped against the U.S. greenback, with the mid-afternoon trading at 1,595 won to the dollar, down 2.37 percent from the previous closing of 1,558. Market interest rates inched up with the benchmark three-year bond yield up 0.62 percentage point to 18.95 percent. The composite price index started the day with a steady gain, rising to 558.65 points within twenty minutes of the opening bell. However, as foreign investors' purchases in the market tapered off, the index quickly declined. Market sentiment was bogged down by the Korean Confederation of Trade Unions' refusal to agree to the tripartite panel's accord last week, dealers said. KCTU is the nation's second largest labor group. Local institutional investors unloaded a considerable amount of their holdings back onto the market in a profit-taking move. Investors who had wary of the recent rally in the market also began to sell off their holdings. ''Institutional investors' sell-off mainly concentrated on high-priced shares, thus hitting the index harder than anticipated,'' explained an analyst at Daishin Securities Co. Issues with themes and those which are still deemed to be undervalued managed to mark gains in the index despite the fall. Hanwha Energy and Hanwha Machinery, both hit their daily limit highs as investors pinned their hopes on the firms' restructuring plans.