Three local records set, markets pass $1 billion
Several new records were set on Seoul stock markets yesterday. The Kospi index passed 1,700 points for the first time, and the secondary Kosdaq reached this year’s high. Market capitalization at both exchanges exceeded $1 billion for the first time.The main exchange closed at 1,700.91, up 38.19 points or 2.30 percent. Economic optimism pulled the Dow Jones and S&P 500 indexes to new highs. The plunge on China’s markets turned out to have limited influence on local stocks, contributing to the rally. Even the Shanghai Stock Exchange Composite Index rose 1.4 percent.
The market capitalization at both exchanges rose to 929.8 trillion won ($1 billion), making Korea the fourth country in Asia to surpass $1 billion, after Japan, China and India.
“Local stock markets are entering a new world after continual re-evaluations,” said Cho Jae-hoon at Daewoo Securities.
Posco rose after two days of decline on news of its new Finex furnace, moving up 4 percent to 446,000 won. Kiswire, Dongbu Steel and Hyundai Steel all increased. Hyundai Steel rose 4.7 percent, ending at 55,500 won.
Shipbuilding and engineering shares were strong. Hyundai Heavy Industries soared 7.8 percent, finishing at 317,000 won. Hyundai Mipo Dockyard added 6 percent, Daewoo Shipbuilding & Marine Engineering jumped 8.3 percent, and Samsung Heavy Industries increased 4.9 percent.
Doosan Heavy Industries & Construction skyrocketed 10.8 percent, while STX Shipbuilding added 4.6 percent.
The Kosdaq rose 12.27 points, or 1.67 percent, to 747.87. NHN gained 5.4 percent, to 177,000 won.
On the Kospi, 492 million shares worth 7.9 trillion won changed hands. Advancers beat decliners, 584 to 206. On the Kosdaq, 648 million shares worth 2 trillion won were traded, and advancers topped decliners, 480 to 448.
By Limb Jae-un Staff Writer [jbiz91@joongang.co.kr]
with the Korea JoongAng Daily
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