Kospi ignores fall abroad, reaches 8th straight high
Seoul’s main stock market climbed to a new record for the eighth straight session yesterday. The benchmark Kospi closed at 1753.04, up 10.85, or 0.6 percent.“As money continued to flow into stock funds and economic indicators improved, the Seoul stock market advanced, despite the correction on Wall Street overnight,” said Kim Ju-hyung, analyst of Tong Yang Investment Bank.
On the main market, trade volume was heavy at 490.7 million shares, valued at 7.1 trillion won ($7.6 billion). Advancing shares overwhelmed decliners 620 to 195.
While medium- and small-cap shares led the day’s rally, index heavyweights were mixed. The nation’s top electronics maker, Samsung Electronics, shed 0.4 percent, and its top steelmaker, Posco, lost 1.2 percent. Kookmin Bank, the nation’s biggest lender, sank 2.1 percent.
On the other hand, Hyundai Motor added 2.6 percent after Korea Investment & Securities raised its price estimate for the automaker, citing a potential increase in domestic demand.
Hynix rose 0.3 percent, and LG.Philips LCD Co. climbed 1.4 percent.
LG Electronics gained 3.4 percent after it reached a patent-sharing agreement with Microsoft, the world’s largest software maker.
Solomon Mutual Savings Bank, Korea’s biggest mutual savings company, soared by the daily limit of 15 percent after it was selected as the preferred bidder for a controlling stake in KGI Securities.
The secondary Kosdaq market added 11.76 points, or 1.6 percent, to finish at 761.84.
Dot-coms were mixed, with NHN, the operator of the nation’s biggest portal Naver, declining 1.2 percent and with Daum Communications rising 1.7 percent.
Trade volume was 572.5 million shares worth 2.2 trillion won. Gaining shares led losers 666 to 268.
By Moon So-young Staff Writer [symoon@joongang.co.kr]
with the Korea JoongAng Daily
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