중앙데일리

Shipbuilders help Kospi steam to a record high

Apr 07,2007
The main Korean stock market index hit a record high yesterday, as investors purchased Hyundai Heavy Industries and other shipbuilding issues, said analysts.
The benchmark Kospi added 2.11 points, or 0.14 percent, to close at 1,484.15.
“Without distinct leads, the market moved in a very narrow range throughout the day. But it managed to settle in positive territory as investors bought shares of companies whose first-quarter earnings are expected to improve,” said Kim Yong-gak, an analyst at Hyundai Securities.
Bellwether Samsung Electronics lost 1 percent, or 6,000 won to finish at 587,000 won ($630) while its rival, Hynix Semiconductor, shed 1.2 percent.
Shipbuilders finished the session strong after investment bank JP Morgan released a report predicting that Korean companies would have an increasing number of large-sized ship orders in the coming years.
Hanjin Heavy Industries & Construction Co., for example, received a $281 million order to build five container ships for a European company.
Top shipbuilder Hyundai Heavy Industries went up 5.6 percent. A smaller shipbuilder, Samsung Heavy Industries, gained 5.7 percent.
The good news was not confined to the sea. Korean Air and Asiana Airlines jumped 4.2 and 5.7 percent respectively. Korean Air closed at a record 39,400 won. On the land, Hyundai Motor lost 0.9 percent and Kia, its smaller brother company, shed 0.4 percent.
Volume was moderate at 306.84 million shares worth 3.2 trillion won being traded. Advancers outpaced losers 403 to 356.
The junior Kosdaq hit a 9-month high, adding 2.02 points, or 0.3 percent, to close at 666.00. More than 791 million shares worth 2.1 trillion won changed owners. Gainers outpaced losers 486 to 434.


By Hwang Young-jin Staff Writer[yhwang@joongang.co.kr]


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