Kospi again sets record, gains 90 points for week
Seoul stock markets finished five sizzling days in a row yesterday, accelerating to double-digit growth on heavy purchases by foreign and institutional investors after Thursday’s one-digit gain.The benchmark Kospi gained 13.22 points, or 0.7 percent, to end at 1,861.01, breaking record highs for three days in a row.
Market bellwether Samsung Electronics surged 6.1 percent to close at 627,000 won ($682) on increasing expectations that the price of dynamic random access memory chips will rise, and growing sales of iPhone will fan demand for NAND flash chips.
Other technology shares were mixed. Hynix Semiconductor gained 4.7 percent, and SK Telecom shed 2.7 percent.
LG.Philips LCD rose 1.3 percent, while LG Electronics remained unchanged. Posco climbed 3.1 percent.
Daewoo Securities soared 6 percent after the government said it would encourage state-run Korea Development Bank, Daewoo Securities’ controlling shareholder, to nurture the company into a premier investment bank.
Trading volume was 410.3 million shares, worth 7.1 trillion won. Losers beat gainers, 383 to 380.
The tech-laced Kosdaq rose 8.19 points, or 1 percent, to end at 811.06, erasing Thursday’s losses, the first in six days.
Hanarotelecom surged 3.5 percent as analysts bet it would go from losses to profits beginning in the second quarter on increasing numbers of customers for its satellite television service.
“Its controlling shareholder, AIG consortium, is likely to push the share sale plan in late July, meaning the share price will get another boost by possible merger and acquisition talks,” Yang Jong-in, an analyst at Korea Investment & Securities, said in a report.
Trading volume was 445 million shares, worth 2.2 trillion won. Advancers outpaced decliners, 501 to 429.
By Jung Ha-won Staff Writer [hawon@joongang.co.kr]
with the Korea JoongAng Daily
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