U.S. rebounds push up markets for fourth day
Prospects of a decrease in the U.S. interest rate and a rebound in the U.S. market led the local stock market to run in the black for the fourth consecutive day yesterday.News of a Dow Jones industrial average gain of 1.1 percent shot the main Kospi index up 40.22 points, or 2.3 percent, to end at 1,799.72.
“The rise came amid a natural rebound from the big fall last week as well as the gain in the U.S. market,” said Choi Seong-lak, an analyst with SK Securities.
U.S. Federal Reserve Chairman Ben Bernanke said on Tuesday, U.S. time, that he is prepared to use all tools at hand to address the country’s credit crisis, according to Sen. Chris Dodd, chairman of the U.S. Senate Banking Committee.
Most blue chips rose with Samsung Electronics gaining 5,000 won, or 0.8 percent, to end at 599,000 won ($634.94). Posco, the nation’s largest steelmaker, rose 5.2 percent while Hyundai Heavy Industries rose 9.6 percent. Leading mobile service provider SK Telecom rose 1.5 percent. The nation’s largest lender, Kookmin Bank, gained 0.8 percent.
Only two out of the 20 largest cap shares in the market saw descent, with Hynix Semiconductor and Woori Financial Group falling 0.1 percent and 0.9 percent, respectively. The retail companies led other industries with a 2.76 percent increase.
The index surged to 1,816.19 before foreign investors turned to selling in the afternoon. Foreigners and retail investors sold 91 billion won and 386.6 billion won worth of shares, respectively. Institutional investors bought 469.3 billion won.
Volume totaled 395 million shares, worth 6.0 trillion won. Gainers trounced losers, 569 to 223.
The tech-heavy Kosdaq rose 14.88 points, or 2 percent, to 756.27. Volume amounted to 768.2 million shares worth 2.6 trillion won. Winners outnumbered losers, 613 to 314.
By Moon Gwang-lip Staff Writer [joe@joongang.co.kr]
with the Korea JoongAng Daily
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