Steel and tech shares lead market’s rebound
Seoul stocks rebounded a day after the market plunged on disappointing U.S. job data, bolstered by the robust gains of steel and technology shares. The benchmark Kospi rose 11.49 points, or 0.6 percent, to close at 1,847.36.Market bellwether Samsung Electronics rose 0.7 percent to close at 567,000 won ($606), and Posco, the nation’s biggest steelmaker, also rose 4.6 percent.
Other steel shares fared well as steel prices keep rising and local builders’ overseas construction projects increase demand. Dongkuk Steel Mill rose 1.2 percent, and Hyundai Steel gained 3.7 percent. Daehan Steel climbed 1.2 percent.
Technology shares also gained as Hynix Semiconductor rose 1.4 percent, and LG Philips.LCD added 1.6 percent. SK Telecom, Korea’s No. 1 wireless operator, rose 0.5 percent.
Shares of KT&G, Korea’s only tobacco maker, climbed 2.6 percent as analysts bet its second-quarter profits would rise on the back of expanding overseas sales in Middle Eastern markets and the replacement of purchases of domestic tobacco by cheaper foreign leaves.
Banking shares were major gainers as well. Shinhan Financial Group, Korea’s second-largest financial firm, climbed 0.5 percent and No. 3 Woori added 0.2 percent. Trading volume was 414.4 million shares, worth 4.8 trillion won. Advancers beat decliners, 488 to 316.
The Kosdaq climbed 6.6 points, or 0.9 percent, to end at 767.32.
LG Telecom, the smallest of the nation’s three mobile operators, rose 0.2 percent after it introduced its next-generation mobile service called Revision A. The service allows users to download music, games and other content faster than before and to make teleconference calls on their cell phones.
Trading volume was 695.8 million shares, worth 2.1 trillion won. Gainers outpaced losers, 568 to 365.
By Jung Ha-won Staff Writer [hawon@joongang.co.kr]
with the Korea JoongAng Daily
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