Kospi gains 2nd day on less concern about U.S.
Seoul’s main stock market climbed for a second-straight day yesterday after Wall Street gained on Thursday.The Kospi closed at 1,870.02, up 22 points, or 1.2 percent. Investor sentiment improved on eased concerns about the U.S. economy, which is a major market for Korean exporters, analysts said.
The Dow Jones industrial average gained 1 percent on Thursday, after Countrywide Financial Corp. said it secured $12 billion in credit, alleviating worries about a possible collapse of the largest U.S. mortgage lender due to the recent subprime crisis.
Shipbuilders led the Kospi’s gains. Daewoo Shipbuilding & Marine Engineering, the world’s third-largest shipyard, advanced 2.8 percent after it said it received $740 million in orders to build a drill ship and an oil tanker.
Hyundai Heavy Industries, the world’s biggest shipbuilder, jumped 5.6 percent. Samsung Heavy Industries Co., No. 2 in the world, gained 4.4 percent.
Other core blue chips were mixed. Posco, the world’s third-largest steelmaker, gained 3.9 percent after investment banks, including JPMorgan Chase & Co., said Chinese demand for steel would remain high, giving upward pressure on global prices.
LG Electronics rose 2.6 percent after a local brokerage lifted its price estimate.
Samsung Electronics, however, slid 1.1 percent. Lenders also extended their losses from the previous session with Kookmin Bank sliding 1.4 percent.
Trade volume on Seoul’s main stock market was 367.9 million shares worth 5.4 trillion won ($5.8 billion). Winning stocks outnumbered losers, 532 to 267.
The secondary Kosdaq index rose 15.88 points, or 2.1 percent, to close at 783.27.
Trade volume on the secondary market was 726.5 million shares, valued at 2.2 trillion won. Advancing shares led decliners 601 to 335.
By Moon So-young Staff Writer [symoon@joongang.co.kr]
with the Korea JoongAng Daily
To write comments, please log in to one of the accounts.
Standards Board Policy (0/250자)