Another day over 1,500 as blue chips get bullish
Korean stocks rebounded yesterday after a retreat below the 1,500 mark, largely bolstered by tech shares. The Kospi rose 14.26 points, 1 percent, to 1,513.42.Blue chips were bullish. Samsung Electronics, despite forecasts that its first-quarter earnings will be worse than expected, jumped 3.6 percent to 599,000 won ($642.6). LG.Philips LCD, the world’s second-largest liquid crystal display maker, surged 8.18 percent after it reported a lower-than-expected loss for the first quarter and presented a positive outlook for the second quarter. Hynix Semiconductor, the world’s No. 2 chip maker, went up 2.4 percent.
“The surge was supported by massive foreign buying,” said Kim Young-gak at Hyundai Securities. “Investors are now confident that the market will not undergo a correction in the near term.”
Top lender Kookmin Bank gained 1.5 percent, and Woori Financial Group was up 1.7 percent, while Shinhan Financial Holdings dropped 1.2 percent.
Daewoo Engineering and Construction, which was recently acquired by Kumho Asiana Group, surged 7.1 percent on expectations the domestic construction market will revive. SK Group announced its chairman Chey Tae-won had donated his shares in the Sheraton Walkerhill Hotel as part of a 2003 bailout of former unit SK Networks. The latter rose 2.6 percent.
Hyundai Heavy Industries, the world’s top shipbuilder, dipped 4.9 percent on profit-taking; affiliate Hyundai Mipo Dockyard lost 5.4 percent. Posco fell 0.4 percent, losing for second straight sessions.
Volume was 379.2 million shares worth 5.1 trillion won. Advancers outpaced decliners, 460 to 305.
The secondary Kospi advanced 2.29 points, or a minimal 0.3 percent, to end at 676.7. Traded volume totaled 885.5 million shares worth 2.5 trillion won, with winning shares just surpassing losing shares, 496 to 429.
By Seo Ji-eun Staff Writer [spring@joongang.co.kr]
with the Korea JoongAng Daily
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