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Kospi again rises past 1,800 on upgrade news

July 04,2007
The main index climbed above 1,800 points again yesterday, after exceeding the mark two weeks ago for the first time. Foreign investors were buying again after selling for seven trading days.
The Kospi closed at 1,805.50, an increase of 34.15 points, or 1.93 percent. Among the positive influences were the news that Moody’s will likely upgrade Korea’s sovereign rating and a rally in the New York stock market. Institutional investors were also buying, but retail investors took profits.
Transportation equipment issues, including shipbuilding shares, led the surge yesterday, as well as shipping, construction, securities, engineering and steel stocks.
On expectations that the capital market consolidation act would pass the plenary session at the National Assembly yesterday, securities shares advanced for the second straight day. Samsung Securities rose 3.2 percent, Hyundai Securities added 3.3 percent, Daishin Securities went up 4 percent, Daewoo Securities climbed 1.1 percent and Woori Investment and Securities increased 1.2 percent.
Shipbuilding shares were particularly strong. Hyundai Heavy Industries rose 4 percent, Samsung Heavy Industries surged 6.3 percent, Daewoo Shipbuilding and Marine Engineering added 3.8 percent and STX Shipbuilding jumped 8.8 percent. Climbers led decliners, 551 to 230.
“That Moody’s began raising Korea’s debt rating is big news for the stock market,” said Kwak Byoung-ryeol, a senior researcher at Daishin Securities.
The Kosdaq market ended at 796.71, up 12.1 points, or 1.54 percent. Semiconductor shares moved up. PSK soared 12.5 percent and Jusung Engineering jumped 7.2 percent. Advanced Digital Chips plunged by the daily trading limit of 15 percent, after SK Telecom canceled the acquisition of the company. Gainers led losers, 531 to 381.


By Limb Jae-un Staff Writer [jbiz91@joongang.co.kr]



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