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Ship and car makers lift Kospi to another up day

May 22,2007
Stocks began the week in positive territory on the Kospi yesterday, fueled by institutional investments in transportation equipment, construction and other blue chip areas, analysts said.
The main Kospi climbed 15.95 points, or almost 1 percent, to 1,628.2. “After a weak morning session, stocks were later buoyed in tandem with the market movement in China,” said Park Seok-hyun, an analyst at Kyobo Securities. The benchmark CSI 300 Index in China was up 1.5 percent yesterday.
Korean construction firms hit record highs. Namkwang Engineering & Construction, Samwhan Corp., Seokwang Construction, Sungwon Corp. and Ilsung Construction all climbed 15 percent, reaching their daily limit, while Kumho Industrial Co. rose 11.5 percent.
Shipbuilders and steel makers followed the trend. Hyundai Heavy Industries added 7.6 percent and Samsung Heavy Industries climbed 7.2 percent.
Car makers went along for the ride. Hyundai Motor and its affiliate Kia Motors added 4.4 and 3.6 percent, while SsangYong Motor, owned by Shanghai Automotive Industry Corporation, climbed 11.8 percent. Transportation equipment stock climbed at an average of 4.8 percent.
Samsung Electronics fell below 550,000 won during the day, but recovered to 552,000 won, a 0.4 percent fall from last week.
“Shipbuilding issues are coming back to positive ground,” said Lee Un-taek at Daehan Investments and Security. “The sizes of fluctuations seem to be growing. Provisions are needed.”
Trade volume was heavy, with 501.6 million shares worth 5.1 trillion won changing hands. Winners outpaced losers, 467 to 297.
The tech-heavy Kosdaq dropped 1.85 points, or 0.3 percent, to 709.23. More than 608 million shares, worth 1.6 trillion won, were traded. Losers outnumbered winners, 523 to 391.


By Hwang Young-jin Staff Writer[yhwang@joongang.co.kr]


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