Blue chips rally, Kospi zeros in on 1,800 mark
Seoul stock markets rallied yesterday as both the main stock bourse and junior market surged by double digits on heavy purchases by institutional investors.The benchmark Kospi soared 47.19 points, or 2.7 percent, to hit yet another record of 1,769.18, closing in on the psychological mark of 1,800 points.
Blue chip shares had a field day as Samsung Electronics, Korea’s largest listed firm by value, rose 1.4 percent to close at 581,000 won ($625), and Posco, the nation’s largest steelmaker, leaped 5.1 percent.
Hyundai Heavy Industries climbed 5.9 percent, and SK, Korea’s largest oil refinery, gained 6.6 percent.
Shares of local stock brokers took a leap en masse as the National Assembly’s Finance and Economy Committee is set to pass a new policy package designed to empower the stock brokerage industry, taking the policy package a step closer to National Assembly approval.
Daewoo Securities rose 5.1 percent, and Samsung Securities gained 6.1 percent. Mirae Asset Securities soared 7.1 percent.
Shares of small construction companies that mostly target domestic markets took a blow after local mid-sized builder Shinil declared bankruptcy after failing to pay 1.2 billion won in corporate bills yesterday.
Keangnam Enterprises shed 0.8 percent, and Byucksan Engineering & Construction dropped 1.9 percent.
Trading volume was 573.3 million shares worth 8.5 trillion won. Advancers outpaced decliners, 553 to 238.
The tech-junior Kosdaq jumped 17.49 points, or 2.3 percent, to end at 783.02.
NHN rose 4.9 percent, and Kiwoom Securities surged 5.8 percent.
Trading volume was 620.9 million shares worth 2.4 trillion won. Gainers beat losers, 638 to 288.
By Jung Ha-won Staff Writer [hawon@joongang.co.kr]
with the Korea JoongAng Daily
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