Kospi breaks free from 2-day slump, Posco falls
Seoul’s main stock market rebounded yesterday after two straight sessions of falling, largely bolstered by mass purchases by institutional investors. The Kospi climbed 13.32 points, or 0.8 percent, to close at 1,729.88.“Investors snapped up shipbuilding stocks, which underwent a correction in recent sessions,” said Park Suk-hyun, an analyst at Kyobo Securities. The key index moved into negative territory at one point in late trading after China announced its consumer prices in May grew a stronger-than-expected 3.4 percent. But the index gained ground after tech shares turned positive, according to analysts.
Samsung Electronics was flat at 578,000 won ($621.80) and other shares with top-10 market value were weak. SK Telecom, the nation’s largest mobile service carrier, remained unchanged too.
Top steelmaker Posco lost 2.78 percent, and Hyundai, the world’s sixth-largest automaker, fell 0.1 percent. Hyundai Motor unionists on Monday announced they would launch a slowdown, or partial strike, for five days from June 25, to protest against the Korea-U.S. free trade agreement.
The world’s largest shipbuilder, Hyundai Heavy Industries, advanced 2.9 percent, and Samsung Heavy Industries and Daewoo Shipbuilding and Marine Engineering shot up 2.6 percent and 3.1 percent, respectively. Korea’s No. 1 builder, Hyundai Engineering and Construction gained 3.6 percent, and its competitor Daewoo Engineering and Construction went up 3.1 percent.
Traded volume totaled 416.3 million shares worth 5.7 trillion won. Advancing shares beat decliners, 410 to 345.
The secondary Kosdaq ended at 763.05, after rising 4.36 points or 0.6 percent. Total traded volume stood at 640.9 million shares valued at 2.1 trillion won, with winning shares slightly outnumbering losing shares, 477 to 444.
By Seo Ji-eun Staff Writer [spring@joongang.co.kr]
with the Korea JoongAng Daily
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