Climbing U.S. markets halt Kospi’s 4-day fall
The Seoul stock market rose yesterday after four days of decline. The Kospi gained 18.65 points, or 1.08 percent, closing at 1,751.75. Technology stocks pulling up the U.S. stock market earlier were a positive factor. Securities and insurance shares also boosted the index. Individual and foreign investors were net sellers while institutional investors were net buyers.Electronics, banking, steel, retail, construction, pharmaceutical and chemical shares advanced, but food issues declined.
Securities shares rebounded after steep declines resulting from the government’s efforts to curb the amount of credit given to retail investors. Daewoo Securities rose 1.8 percent, Samsung Securities soared 6.1 percent, Hyundai Securities jumped 4.7 percent and SK Securities shot up 6.1 percent.
With the news of the Finance Ministry revising the insurance law, insurance shares were strong. Both Hanwha Non-life Insurance and Daehan Fire and Marine Insurance hit the daily ceiling of 15 percent.
Construction shares were strong on the news of overseas contracts. Hyundai Engineering and Construction, Hyundai Development and Doosan Construction and Engineering gained 3.92 percent, 3.62 percent and 3.93 percent, respectively.
Among major blue chip companies, Korea Electric Power increased 1.6 percent, Posco climbed 0.5 percent, Hyundai Heavy Industries gained 4.6 percent and Hyundai Motor lost 0.94 percent. Gainers led decliners, 576 to 198.
The secondary Kosdaq market rose 17.47 points, or 2.3 percent, to finish at 778.50. Individual investors took profits yesterday after buying for seven straight trading days, and foreign and institutional investors were buyers.
NHN rebounded after seven down days, rising 4 percent to 167,500 won. Daum increased 4.4 percent.
By Limb Jae-un Staff Writer [jbiz91@joongang.co.kr]
with the Korea JoongAng Daily
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