Stock market rebounds after 2-day downturn
Seoul markets closed higher yesterday, taking a cue from an overnight rally in U.S. equities.The benchmark Kospi rose 23.73 points, or 1.3 percent, to 1,876.80.
“Snapping a two-day losing streak, the main index rebounded as gains in U.S. equities boosted investor sentiment here,” said Lee Kyoung-su, an analyst at Daewoo Securities.
Smaller brokerage shares had a good day. Bridge Securities shot up to the daily limit while SK Securities added 5.1 percent and Seoul Securities jumped up 11.5 percent.
Technology blue chips chalked up strong gains on foreign buying, buoyed by strength in U.S. tech shares. Hynix Semiconductor, the world’s second-largest computer memory chip maker, gained 3.6 percent to 37,100 won ($40.20). LG.Philips LCD, the world’s second-largest liquid crystal display manufacturer, advanced 3.3 percent and LG Electronics added 1.7 percent.
Large caps traded higher on institutional buying, with steelmaker Posco soaring 3.1 percent and top lender Kookmin Bank adding 1.8 percent. Shinhan Financial Group, the country’s No. 2 financial services company by assets, gained 2.2 percent after reporting record-high first-half earnings.
Shipyards also gained ground. Hyundai Heavy Industries, the world’s leading shipbuilder, climbed 2.2 percent and its smaller rival, Samsung Heavy Industries, rose 3.3 percent.
Volume was moderate at 344.4 million shares worth 5.7 trillion won. Winners outnumbered losers, 523 to 242.
The junior Kosdaq board was also up after two days of losses, adding 12.34 points, or 1.7 percent, to 798.86. “The Kosdaq succeeded in springing back now that unstable investor sentiment has settled down a bit,” said Lee Young-gon, a research at Hanwha Securities.
Trade volume was 521 million shares.
By Wohn Dong-hee Staff Writer [wohn@joongang.co.kr]
with the Korea JoongAng Daily
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