Rising chip prices make for more Kospi records
Yesterday was another record-breaking day for the Korean stock market as investors bought shares of Samsung Electronics on rising chip prices, said analysts.The Kospi closed the session at 1,883.59, rising 22.58 points, or 1.2 percent, the fourth record high in as many consecutive trading days.
“The market is supported by strong sentiment,” said Lee Un-taek, an analyst at Hana Daetoo Securities. “Investors, however, are being cautious by selling during the day. The Kospi is hitting the top during the trading session and then coming down slightly because of profit-taking sales.” Lee commented that the upcoming Monetary Policy Committee at the Bank of Korea also affected the instability.
Utility, electric and gas shares rose more than 3 percent on average. The country’s dominant Korea Electric Power added 4.4 percent after an initial dip.
Posco, the world’s third-largest steel maker, gained 2.6 percent, with shipbuilding shares following it. Hyundai Heavy Industry rose 1.1 percent. Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering added 4.6 percent and 5.8 percent respectively. Expectations of a price hike in the semiconductor industry raised Samsung Electronics 2.6 percent. The tech bellwether gained for five consecutive days, closing at 643,000 won ($698) yesterday. Its counterpart, Hynix Semiconductor, lost 0.5 percent.
Financials also rose on expectations of better earnings. Kookmin Bank, the country’s largest lender, went up 1.7 percent. Shinhan and Woori financial groups added 3.6 and 2.3 percent respectively.
Volume was moderate at 426.7 million shares worth 7 trillion won, with winners outpacing losers, 409 to 357.
The tech-heavy Kosdaq finished up 2.5 percent, or 0.3 percent at 813.59 points. More than 500 million shares, worth 2.3 trillion won, were traded. Gainers slightly outnumbered losers, 463 to 455.
By Hwang Young-jin Staff Writer [yhwang@joongang.co.kr]
with the Korea JoongAng Daily
To write comments, please log in to one of the accounts.
Standards Board Policy (0/250자)