Program buying helps Kospi set record again
Korea’s main stock market index again reached a record high yesterday, supported by strong program buying. The Kospi gained 12.19 points, or 0.8 percent, to close at 1,525.61.“Foreign investors increased their holdings of domestic stocks on anticipated rises in credit ratings, and the status of the key index will be upgraded to join the stock markets of more advanced economies after the free trade deal with the United States,” said Kim Young-gak at Hyundai Securities.
Tech led the gains with Samsung Electronics rising 0.8 percent to 604,000 won ($648.21). Shipbuilder Hyundai Mipo Dockyard rose 2.2 percent after announcing a $170 million order to build four petroleum carriers. Hyundai Heavy Industries advanced 3.7 percent. With its earnings report coming up, steelmaker Posco dropped 0.5 percent while the nation’s top lender, Kookmin Bank, fell 0.6 percent.
Shares of SK Group went up after news that the group would convert to a holding company system. SK Telecom added 1.8 percent, SKC went up 4.0 percent, SK Networks rose 1.2 percent, and SK Securities gained 3.4 percent.
Other holding company shares also rose. LG shot up 4.7 percent, STX went up 1.6 percent, and GS added 1.5 percent.
Advancers led decliners 470 to 326. Trade volume was 353.7 million shares worth 4.5 trillion won.
The Kosdaq rose 4.49 points, or 0.7 percent, to 681.19. It was the first time in 11 months that the Kosdaq index broke 680. Most industries were up, except for construction, Internet and medical equipment-related shares.
NHN dropped 0.5 percent, Neowiz fell 0.2 percent, and CJ Internet lost 1.7 percent. Infobank soared 9.2 percent on a positive evaluation from Kyobo Securities. Mococo shot up 8.1 percent on news of increasing shares.
Winners beat losers 478 to 444. Volume was 851 million shares worth 2.5 trillion won.
By Wohn Dong-hee Staff Writer [wohn@joongang.co.kr]
with the Korea JoongAng Daily
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