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Seoul shakes off gloom in New York to hit high

May 12,2007
Despite adjustments on Wall Street, Seoul markets continued to climb yesterday, with the benchmark index reaching a new high. The Kospi rose 3.88 points, or 0.2 percent, before closing at 1,603.56.
Foreigners sold off shares, but the index was boosted by individual investors. “Retail buying of shipbuilders, steel and energy issues prompted the bellwether index to recover from earlier losses, extending its winning streak,” said Park Seok-hyun, an analyst at Kyobo Securities.
Machinery gains led the overall rise, with leading power generator Doosan Heavy Industries & Construction rising 1.8 percent to 80,000 won ($86.32).
Shipbuilders, a major force behind the market’s recent rally, also finished higher. The world’s No. 1 shipbuilder, Hyundai Heavy Industries, advanced 2.3 percent.
Tech exporters were weak. Market leader Samsung Electronics fell 0.4 percent to 573,000 won. Major blue chips fell as well. Posco dropped 0.6 percent and SK lost 3.4 percent.
Bank shares were all up except Woori Financial, which fell 0.5 percent. Kookmin Bank rose 0.1 percent, Shinhan Financial gained 1.7 percent, and Hana Financial Group went up 0.8 percent.
Several Hyundai Motor Group affiliates shone. Hyundai Motor rose 2.3 percent, its first gain in four trading sessions. Its affiliate Kia Motors jumped1.4 percent and Glovis rose to the daily limit. BNG Steel advanced 14.7 percent and Hyundai Hysco rose 11.4 percent. Winners trailed losers 355 to 408. Trade volume was 369.6 million shares worth 4.7 trillion won.
The junior Kosdaq rose 3.53 points, or 0.5 percent, to 707.97.
NHN gained 1.7 percent after a positive first quarter report, and Daum gained 3.1 percent on foreign purchases.
Trade volume was 552 million shares worth 1.8 trillion won. There were 506 declines and 398 advances.


By Wohn Dong-hee Staff Writer [wohn@joongang.co.kr]



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