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Record day for markets as tech shares recover

May 08,2007
Machinery and information technology shares pulled the main index up for the fourth consecutive trading day to another new high yesterday. The Kospi rose 16.72 points, or 1.07 percent, closing at 1,584.46. The Kosdaq broke 700 points for the first time in more than a year, gaining 9.32 points, or 1.3 percent, to 702.76.
The Dow Jones Industrial Average closed at a record high of 13,264.62, on Friday, and a drop in crude oil prices meant a strong start at the main index. Metals, cars, telecom firms and utilities led the gains, while pharmaceutical and banking shares were down. Foreign investors net sold machinery and IT, while institutional and individual investors bought them.
Information technology enjoyed a net gain after a long regression. Hynix Semiconductor increased 4.6 percent to 33,300 won. Samsung Electronics closed at 587,000 won, up 1.9 percent. Both LG.Philips LCD and LG Electronics advanced 2.8 percent. Hyundai Heavy Industries gained 4.8 percent, ending at 261,000 won. Hyundai Mipo Dockyard moved up 2.8 percent, and Daewoo Shipbuilding and Marine Engineering increased 1.7 percent. Samsung Heavy Industries jumped 7.5 percent after a report that it received an order for eight container ships worth 1.2 trillion won ($1.29 billion) each.
Both SK Telecom and KTF increased 2.7 percent; KT advanced 1.2 percent. Shinsegae gained 2.6 percent, closing at 636,000 won, after Charles Munger, vice chairman of Berkshire Hathaway, spoke positively about the retailer.
Kookmin Bank, Shinhan Financial Group and Woori Finance Holdings were all down.
At the Kosdaq, NHN climbed 2.7 percent, Daum increased 3.7 percent and CJ Internet rose 1.6 percent.
“Leading shares at the Kosdaq are blue chip shares, with strong performance and information technology shares on the rise,” said Lee Yun-hak of Woori Investment and Securities.


By Limb Jae-un Staff Writer [jbiz91@joongang.co.kr]



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