Market continues climb out of subprime trough
Korea’s main stock market continued to run in the black for a second consecutive day yesterday, signaling concern here over a credit crunch triggered by the U.S. housing loan market is ebbing. The Kospi index finished at 1,829.31 after gaining 26.28 points, or 1.5 percent.“We gather the [local] market has already hit bottom,” said Ahn Sun-young, an analyst with Mirae Asset Securities.
“The sell-off by foreigners is slowing down all over Asia amid a relatively positive outlook of market restoration. We are not sure how fast the market will rebound but it seems certain it is heading upward.”
Institutional investors were net buyers. Foreign investors, who bought for the first time in 10 days Monday, turned to selling again.
Combined market cap in the Kospi and Kosdaq bounced back to the 1 quadrillion-won ($1.1 trillion) mark. The market cap in the Kospi amounted to 919.9 trillion won, while that in the junior market stood at 101.3 trillion won.
Blue chips split as Samsung Electronics edged down 1,000 won, or 0.2 percent, to end at 576,000 won.
Posco, the nation’s largest steelmaker, gained 2.4 percent, while Hyundai Heavy Industries climbed 7.9 percent.
Leading mobile service provider SK Telecom inched up 0.5 percent. The nation’s largest lender, Kookmin Bank, slid 0.4 percent.
Shipbuilders also showed a robust 1.7 percent increase, following Monday’s news of strong sales of bulk carriers to China and India.
Volume totaled 410 million shares, worth 5.7 trillion won. Gainers led losers, 471 to 289.
The tech-heavy Kosdaq went down 0.2 points, or 0.03 percent, to 760.43.
Volume amounted to 699 million shares worth 2.1 trillion won. Losers outpaced winners, 542 to 403.
By Moon Gwang-lip Staff Writer [joe@joongang.co.kr]
with the Korea JoongAng Daily
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