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Kospi, Kosdaq end week with upward movement

Feb 10,2007
Korean stocks ended the week slightly higher as foreign investors snatched up financial and tech shares.
The benchmark Kospi rose 4.1 points, or 0.3 percent, to close at 1,427.68.
“Though foreign investors sold their holdings in some sectors for profit taking, they still continued buying in the financial sector, which has led the main index higher since the start of this month,” said Kim Young-gak, an analyst at Hyundai Securities. “Program buying also sustained the upward move.”
Blue chips were mixed. Tech giant Samsung Electronics gained 0.7 percent to 585.000 won ($626). LG.Philips LCD went up 2.2 percent on optimism that panel prices will rebound this year. LG.Philips managed to rise for the seventh straight trading session.
Hynix Semiconductor, however, fell 0.6 percent, affected by concerns that computer memory product prices could remain low in the months to come.
Banking shares moved the market higher. Top lender Kookmin Bank jumped 3.2 percent on its decision to pay dividends of 1.2 trillion won to its shareholders. The nation’s fifth-largest lender, Korea Exchange Bank, also rose 2.3 percent. Regional lenders Busan Bank and Daegu Bank gained 1.2 and 0.3 percent, respectively.
Telecommunications shares lost ground. Top mobile service carrier SK Telecom fell 1.5 percent and fixed-line broadband giant KT lost 1.8 percent.
Korea Electric Power gained 1.1 percent.
Traded volume was 223.8 million shares worth 2.7 trillion won. Decliners slipped past advancers 375 to 370.
The secondary Kosdaq nudged up 0.07 points, or 0.01 percent, to close at 601.89.
Traded volume was 550.9 million shares worth 1.8 trillion won. Decliners edged advancers 474 to 411.


By Yoo Jee-ho Staff Writer [jeeho@joongang.co.kr]


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