Blue chips rising to fore as Kospi stays bullish
Stock markets reached another record high as investors bought financial shares and blue chips yesterday, analysts said.The benchmark Kospi continued its bull run, jumping about 150 points over the course of the past seven days. It rose 10.94 points, or 0.6 percent, to 1,894.53.
“The selling trend among foreign investors is gradually transferring to buying, raising the index,” said Lee Un-take, an analyst at Hana Daetoo Securities. “Blue chips, which highly influence the index, are becoming more popular with investors.”
Korea’s dominant electricity provider, Kepco, continued its rise climbing 2.1 percent. Mobile service providers SK Telecom and KTF gained 4.2 and 4.7 percent respectively ― a positive sign for KTF, which has been considered undervalued. The denial of a report that SK might take over U.S. telecom giant Sprint Nextel Corp. did not thwart the increase.
Hyundai Heavy Industries added 3.6 percent, while Doosan Heavy Industries climbed 5.7 percent.
Kookmin Bank, the leading lender, went up 2.2 percent and No. 2 financial service provider Shinhan Financial Group rose by 5.7 percent.
Tech blue chip Samsung Electronics dropped 2.2 percent to 629,000 won on profit-taking sales. Flat-panel giant LG.Philips LCD, however, advanced 0.7 percent, ahead of the release of its earnings report later in the day.
Steel maker Posco was left out of the rally by unloading foreign investors. The Posco shares fell 0.1 percent.
Volume was moderate at 399.3 million shares worth 6.4 trillion won, with winners outpacing losers, 430 to 333.
The tech-heavy Kosdaq closed at 814.85 points, up 1.26 points or 0.2 percent. More than 463 million shares worth 2 trillion won were traded. Winners outnumbered losers, 467 to 445.
By Hwang Young-jin Staff Writer [yhwang@joongang.co.kr]
with the Korea JoongAng Daily
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