Asian market recovery heaves Kospi upward
Seoul stock markets rebounded yesterday on heavy program purchases by institutional investors.The Kospi soared 11.21 points or 0.8 percent to close at 1,450.95 as upturns in the Japanese and Chinese stock markets brightened investment sentiment here.
Market bellwether Samsung Electronics stumbled 0.5 percent to end at 569,000 won ($605), but Posco, the No. 1 steelmaker, rose 2.8 percent on speculation the firm is in talks to merge with Arcelor Mittal, the world’s largest steel company. Other steel shares also fared strongly, as Hyundai Steel Company rose 0.7 percent and Dongkuk Steel Mill climbed 0.6 percent.
Hyundai Heavy Industries surged 6.1 percent on anticipation it may soon win a $1.1 contract to build an electric plant in Saudi Arabia. Samsung Heavy Industries rose 3.3 percent, and Daewoo Shipbuilding & Marine Engineering added 1.6 percent. Doosan Heavy Industries & Construction also spiked 5.1 percent.
Shinsegae, operator of Korea’s largest discount store, gained 1.1 percent after two of its founding family members decided to pay a record inheritance tax of about 350 billion won using company shares.
Hankuk Tire surged 5.8 percent after analysts said local tire shares are significantly undervalued and predicted the global tire industry would further improve this year.
“The tire makers’ current shares have considerable growth potential,” Mirae Asset Securities said in a report. Traded volume was 276.8 million shares worth 3.3 trillion won. Advancers beat decliners, 547 to 221.
The Kosdaq climbed 8.55 points, or 1.3 percent, to end at 645.37. Asiana Airlines, the No. 2 airline in Korea, inched up 0.8 percent as analysts said demand for passenger air flights and cargo services would steadily increase.
Trading volume was 689.0 million shares worth 1.8 trillion won. Advancers topped decliners, 592 to 309.
By Jung Ha-won Staff Writer [hawon@joongang.co.kr]
with the Korea JoongAng Daily
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