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Kospi keeps up streak on steel, ships and chips

June 05,2007
Despite recent falls in China’s stock market, the Seoul bourse made yet another leap yesterday, marking a winning steak of six straight sessions. The Kospi jumped 21.35 points, or 1.2 percent, to 1,737.59.
“The main index quickly overcame the earlier shock from a plunge in the Shanghai market and traded higher, with steel, shipyard and semiconductor issues chalking up strong gains,” said Kim Hak-kyun, an analyst at Korea Investment & Securities.
Blue chips were mostly strong. Technology bellwether Samsung Electronics gained 2.9 percent to 572,000 won ($616). Posco, the world’s fourth-largest steelmaker, jumped 4.1 percent to a record high of 473,500 won. Samsung Securities yesterday raised the target price for Posco from 460,000 won to 580,000 won. “Steel prices are expected to rise around 5 percent this year and another 5 percent next year,” the company said in a report.
Banking shares performed well, too. No. 1 lender Kookmin Bank went up 4.1 percent, and Shinhan Financial Group gained 1.4 percent. Woori Financial Group was also up 2.5 percent.
The world’s largest shipbuilder, Hyundai Heavy Industries, added 5.4 percent and rivals, Samsung Heavy Industries and Daewoo Shipbuilding and Marine Engineering, advanced 0.3 percent and 5.4 percent respectively. STX Shipbuilding jumped 9.2 percent.
Shares of SK Group subsidiaries were weak. SK Telecom, the nation’s largest mobile service carrier, went down 0.5 percent and its energy arm, SK Corp., declined 4.4 percent.
Total traded volume was 459.8 million shares worth 7.7 trillion won. Decliners beat advancers 454 to 341.
The secondary Kosdaq ended at 745.49, up 2.88 points, or 0.4 percent. Traded volume totaled 519.8 million shares worth 2.1 trillion won, with losing shares outnumbering winning shares 539 to 383.


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



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