Kospi pushes past 1,800 for first time in history
Seoul’s main stock bourse sailed into new territory, reaching above 1,800 points yesterday. The Kospi surged 34.62 points, or 2 percent, to end at 1,806.88 points, bolstered by robust purchases of local institutions and individual investors, who offset a massive selloff by foreign investors.The market bellwether Samsung Electronics rose 2.6 percent to reach 589,000 won ($634), and Posco, the nation’s second-largest listed firm, climbed 0.8 percent. Other major tech shares had a field day as Hynix Semiconductor rose 4.1 percent, and SK Telecom, the nation’s top wireless operator, gained 1.9 percent. LG.Philips LCD climbed 1.8 percent.
Shares of major stock brokerage houses rallied as future expectations ran high amid the recent stock market rally and the upcoming legislation aimed to empower the stock brokerage industry. Daewoo Securities soared 10.7 percent, and Samsung Securities also surged 8.9 percent. Hyundai Securities leaped by the daily limit of 15 percent, while Woori Investment & Securities jumped 8.2 percent.
Shipbuilding shares rose after the industry received a flurry of plans to build new plants, and some of the firms’ subsidiaries announced plans to go public. Hyundai Heavy Industries, Korea’s largest shipbuilder by value, rose 1.9 percent, and Samsung Heavy Industries climbed 4.1 percent. Hanjin Heavy Industries Construction rose 4.8 percent after the company said it won a contract to build gas refineries for Hyundai Steel.
Trading volume was 607.2 million shares, worth 8.3 trillion won. Gainers beat losers, 552 to 249.
The tech-rich junior Kosdaq also rose to close at 818.11.
NHN, the operator of the nation’s largest Internet portal, Naver, rose 0.7 percent, and Kium Securities advanced by the daily limit of 15 percent. Trading volume was 794.3 million shares, worth 3.2 trillion won. Advancers outpaced decliners, 697 to 245.
By Jung Ha-won Staff Writer [hawon@joongang.co.kr]
with the Korea JoongAng Daily
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