Seoul bourse climbs on news of U.S. rebound

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Seoul bourse climbs on news of U.S. rebound

The Seoul market rose slightly on news of a U.S. stock rebound. The main index closed at 1,859.82, an increase of 4.77 points, or 0.26 percent. Institutional and retail investors pushed the Kospi up to 1,888 early in the day but selling by foreign investors pulled the index back down. Foreign investors sold for the 17th trading day. Positive factors were a sudden drop in international crude oil prices and the realization that concerns over U.S. subprime mortgage problems were excessive.
Banking, electronics, machinery, retail, construction, shipping, pharmaceutical and food and beverage shares advanced while chemical, steel, utility, securities, insurance, automobile and shipbuilding issues retreated.
Shinsung ENG rose to the daily ceiling of 15 percent after the news that its major shareholder made an additional purchase of the company’s shares. Other machinery shares were strong, too. Doosan Infracore added 4.3 percent, and Doosan Heavy Industries climbed 3.3 percent.
Marine and fishery product shares moved up. Sajo Industries and Daerim Corp. hit the daily ceiling. Oyang Corp. soared 12.2 percent, and Dongwon Fisheries advanced 7.6 percent.
Among large cap stocks, Kookmin Bank added 0.7 percent, SK Telecom climbed 0.3 percent and Shinhan Financial Group rose 0.5 percent. Hyundai Heavy Industries shed 1.1 percent, Hynix Semiconductor fell 0.7 percent and Hyundai Motor dropped 1.4 percent.
Volume was moderate at 310.6 million shares worth 5 trillion won ($5.4 billion). Advancers led decliners, 453 to 328.
The secondary Kosdaq finished at 800.83, up 4.98 points or 0.63 percent. Innocell Corp. skyrocketed by the daily limit of 15 percent after news that its anti-cancer immune cell treatment received approval from the Korea Food and Drug Administration.
Decliners led advancers, 470 to 453.


By Limb Jae-un Staff Writer [jbiz91@joongang.co.kr]
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