Strong foreign buying leads Kospi to new high
Although perhaps it becomes less spectacular each time it happens, Seoul’s main market reached an all-time high yesterday as investors went shopping for shipbuilding and machinery shares.The benchmark Kospi gained 11.26 points, or 0.7 percent, to 1,532.04. “The index climbed to a new high on strong foreign buying and rises in Asian markets,” said Park Suk-hyun, an analyst at Kyobo Securities.
Shipbuilding shares gained ground. Industry leader Hyundai Heavy Industries advanced 3.1 percent to 216,500 won ($232.35), while its affiliate Hyundai Mipo Dockyard went up 3.2 percent.
Doosan Heavy Industries gained 4.02 percent on reports that it has won an order for cranes from Egypt.
Top refiner SK Corp. gained 4.1 percent after announcing last Wednesday that it will turn itself into a holding company to improve its governance structure and boost investor interest.
Technology shares, however, were under the weather.
Chipmakers Samsung Electronics and Hynix Semiconductor both lost 1.3 percent, mainly from investors who wanted to cash in on rises they saw over the weekend. Pantech and Curitel, which will be delisted from the exchange, both plummeted 88 percent as shareholders were given a last chance to trade as part of the companies liquidation.
Securities shares such as Samsung Securities, Daewoo Securities and Daishin Securities went up on anticipation of the rising main index.
Winners beat losers 544 to 228. Trade volume was 455.8 million shares worth 4.1 trillion won.
The junior Kosdaq continued a bull run for the 13th straight trading day, adding 11.87 points, or 1.7 percent, before closing at 697.09.
Advances overpowered declines 626 to 281. Trade volume was 840 million shares valued at 2.6 trillion won.
By Wohn Dong-hee Staff Writer [wohn@joongang.co.kr]
with the Korea JoongAng Daily
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