Local stocks up slightly as Dow hits record high
Korea’s main bourse rose yesterday for the second straight session, bolstered by bullish global stock markets. The Kospi closed at 1,544.35, up 11.27 points, or 0.7 percent. U.S. stocks climbed last Friday after earnings from major companies, including American Express, topped estimates.The Dow Jones Industrial Average rose 1.2 percent to a record, while the Nasdaq composite index rose 0.8 percent thanks to surprisingly strong first-quarter earnings reports.
“Some chips posted strong gains thanks to Wall Street gains on Friday, coupled with the main index’s recent bull run,” said Park Seok-hyun at Kyobo Securities.
Samsung Electronics shed 0.5 percent to 570,000 won ($615), while chip rival Hynix Semiconductor remained unchanged. LG.Philips LCD added 2.6 percent. Top steelmaker Posco jumped 3.6 percent, but top automaker Hyundai Motor lost 0.2 percent.
Financial shares were gloomy. No. 1 lender Kookmin Bank fell 1.5 percent, Shinhan Financial Holdings was down 1.6 percent, and Hana Financial Group dropped 0.2 percent. Hyundai Heavy Industries, the world’s biggest shipbuilder, shot up 4.9 percent to a record high. Its competitors, Daewoo Shipbuilding and Marine Engineering and Doosan Heavy Industries, also gained 1 percent and 2.8 percent, respectively. STX Shipbuilding surged 3.6 percent.
Shares of DC Chemical advanced 4.9 percent, to almost double its price a month earlier. Analysts say investors are optimistic on development of the land DC Chemical owns in Incheon, which was recently designated as host city of the 2014 Asian Games.
Advancers beat decliners, 494 to 272. Volume was 378.2 million shares worth 4.7 trillion won.
The Kosdaq gained 0.45 points, or 0.1 percent, to end at 692.01. Traded volume was 772.9 million shares valued at 2.2 trillion won, with losers edging winners, 465 to 446.
By Seo Ji-eun Staff Writer [spring@joongang.co.kr]
with the Korea JoongAng Daily
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