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Another up day, another record-high Kospi close

May 18,2007
The country’s biggest stock market hit a fresh high yesterday as investors picked up shipbuilding and machinery shares, taking a cue from overnight gains on Wall Street. The benchmark Kospi rose 14.98 points, or 0.9 percent, to 1,615.58.
“The main index gained momentum as investor sentiment was underpinned by firmer overseas markets,” said Kim Young-gak, an analyst at Hyundai Securities Co.
Blue chips were mixed. Samsung Electronics fell 0.7 percent to 566,000 won ($610.85) and Hynix Semiconductor shed 1.8 percent on the possibility of a second-quarter operating loss. But LG Electronics gained 2.3 percent on a bright earnings outlook. LG.Philips LCD added 1.9 percent. Shipbuilders led the gains, with top shipyard Hyundai Heavy Industries rising 6.5 percent. No. 2 steelmaker Hyundai Steel advanced 2.5 percent after a local brokerage raised its price estimate for the shares.
Financial shares lost ground, with top lender Kookmin Bank falling 0.8 percent, but brokerage shares were up, boosted by the rising index. Daewoo Securities advanced 1.7 percent, Samsung Securities added 0.4 percent, Hyundai Securities went up 1.4 percent and Woori Investment Securities rose 1.8 percent.
Winners beat losers, 544 to 226. Trade volume was 445.7 million shares worth 4.7 trillion won.
The junior Kosdaq advanced for the second day on foreign investment, climbing 9.27 points, or 1.3 percent, before closing at 710.67. It was the first time in 16 months that the secondary market has risen above 710.
Gainers outpaced decliners, 586 to 330. Trade volume was 629.8 million shares, valued at 1.8 trillion won. CJ Internet rose 2.9 percent, but Daum fell 2.6 percent on news that its president Lee Jae-woong was getting rid of his shares.
“Investor sentiment in the Kosdaq is improving as global markets stabilize,” said Lee Young-gon, a researcher at Hanwha Securities.



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



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