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Kospi reaches new high despite China rate hike

July 24,2007
Seoul’s main index rose to a fresh high yesterday as investors scooped up financial, airline and other large-cap shares. The benchmark Kospi gained 9.51 points, or 0.5 percent, before closing at 1,993.05.
“China’s rate hike last week didn’t have a significant impact on the local market, but the index suffered ups and downs throughout the session as investors were burdened by recent steep gains,” said Kim Hak-gyun, an analyst at Korea Investment & Securities.
Financial shares were among the top performers. Top lender Kookmin Bank advanced 1.9 percent to end at 87,600 won ($95.72), Shinhan Finance Group gained 1.6 percent, and Woori Financial Group rose 0.4 percent. Smaller banks went up in the 4 to 7 percent range. Brokerage shares surged. Major brokerage firm shares rose in the 2 to 3 percent range, while smaller securities firms such as Seoul, SK, and Meritz Securities soared up to the daily limit.
Shipbuilders, however, took a beating, paring gains in other sectors. Hyundai Heavy Industries, the world’s largest shipbuilder, plunged 5.1 percent and its smaller rival, Samsung Heavy Industries, shed 2.2 percent.
Most blue chips were up, except for Samsung Electronics, which slipped 0.5 percent. Posco rose 1.5 percent, LG Electronics gained 2.7 percent, Korea Electric Power Corp. went up 1.8 percent, and Hyundai Motor gained 0.1 percent. Winners beat losers, 407 to 386, with 19 shooting up to the daily limit. Trade volume was 533.5 million shares worth 8 trillion won.
The Kosdaq dropped 6.54 points, or 0.8 percent, to 818.79, pulled down by institutional and foreign selling. Digital content, pharmaceuticals and finance-related shares were up, but most other sectors were down. Advancers trailed decliners, 359 to 583. Trade volume was 588 million shares worth 2.1 trillion won.


By Wohn Dong-hee Staff Writer [wohn@joongang.co.kr]



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