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Despite correction fears, markets rise once again

May 24,2007
Seoul’s main exchange continued its winning streak for the third straight session yesterday, led by China’s bullish stock market and buying by foreign investors. The Kospi ended at another record high of 1,646.59, up 3.71 points, or 0.2 percent.
“Despite concerns about a possible correction following the recent rallies, the market fundamentals were solid enough to not be swayed by the jitters,” said Han Yo-seob, an analyst at Daewoo Securities.
Blue chips were mixed. Samsung Electronics fell 0.5 percent to close at 562,000 won ($603), marking its third decline since Thursday after a recovery Tuesday.
Posco, the world’s fourth-largest steel producer, gained 0.7 percent following an announcement that it might build its second overseas integrated steel mill ― in Vietnam. Its domestic rival, Hyundai Steel, lost 0.6 percent.
Top lender Kookmin Bank shed 0.5 percent, while Shinhan Financial Group advanced 1.1 percent. Woori Financial Group fell 0.9 percent.
Shipbuilders were mostly strong, although market leader Hyundai Heavy Industries remained unchanged. Samsung Heavy Industries jumped 2.7 percent and the No. 3 player, Daewoo Shipbuilding and Marine Engineering, gained 1.5 percent. However, Doosan Heavy Industries dropped 0.9 percent.
The nation’s largest automaker, Hyundai Motor, shed 0.3 percent following two consecutive up days. The company detailed its plans to donate 1 trillion won to charities on Tuesday.
Winning shares beat losing shares, 430 to 355. The total traded volume was 439.6 million shares worth 5 trillion won.
The secondary Kosdaq went up 5.9 points, or 0.8 percent, to 716.83. A total of 603.2 million shares worth 1.9 trillion won were traded, with advancers slightly outpacing decliners, 475 to 437.


By Seo Ji-eun Staff Writer [spring@joongang.co.kr]



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