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Kospi hits another high as builder shares surge

Feb 24,2007
Korea’s benchmark stock market index recorded a record high for the second day in a row, boosted by construction and securities shares.
The Kospi rose 4.47 points, or 0.3 percent, before closing at 1,469.88.
Builder shares gained ground on expectations for a recovery by the construction industry and general anticipation for economic recovery. Top builder Daewoo Engineering & Construction climbed 1.3 percent to 20,150 won ($21.48) and No. 3 builder Hyundai Construction & Engineering rose 3.4 percent.
Hyundai Industry rose 5.4 percent, GS Engineering and Construction went up 5.8 percent and Daelim Industrial went up 2.5 percent.
Technology blue chips ended in negative territory, due to foreign selling. Tech bellwether Samsung Electronics fell 1.5 percent to 593,000 won and Hynix Semiconductor, the world’s second-largest computer memory chipmaker, shed 0.8 percent. Automobile shares also suffered losses. Korea’s top automaker, Hyundai Motor, lost 0.7 percent and its affiliate, Kia Motors, fell 1.2 percent.
Most financial shares ended in positive territory. Top lender Kookmin Bank added 1.2 percent. The nation’s No. 2 financial service company, Shinhan Financial Group, advanced 0.2 percent.
Securities shares were also upbeat. Hanyang Securities rose 7.8 percent, Mirae Asset Securities added 5.4 percent, and Bookook Securities advanced by 5.3 percent.
Winners beat losers 392 to 336. Trading volume was 292 million shares worth 3.96 trillion won.
The junior Kosdaq index was also strong, especially for newly-listed shares. The Kosdaq added 0.42 points, or 0.1 percent, before closing at 610.83.
Kosdaq traded volume was 588 million shares worth 1.8 trillion won.
Advancers trailed decliners 418 to 493.


By Wohn Dong-hee Staff Writer [wohn@joongang.co.kr]



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