Brokerages, steelmakers lead local market rallies
Seoul’s main stock market gained the most in a month yesterday. The U.S. Fed’s decision to slash the nation’s benchmark interest rate brightened investment sentiment around the world.The benchmark Kospi jumped 64.04 points, or 3.5 percent, to close at 1,902.65, rising above the 1,900 mark for the first time since Aug. 9. Shares of stock brokerage houses and steelmakers led the rally.
Samsung Electronics, the nation’s largest exporter and the biggest listed firm by value, rose 1.9 percent to close at 552,000 won ($596.66). Posco, the nation’s largest steel company, jumped 7.4 percent on high anticipation that global steel prices would rise further. Other steel shares rallied as well. Dongkuk Steel Mill gained 3.5 percent, and Dongbu Steel spiked 5.8 percent. Seah Steel rose 2.2 percent.
Major blue chip shares all strengthened. Kookmin Bank, Korea’s largest lender, climbed 4.4 percent and the No. 2 Shinhan Financial Group also added 4.8 percent.
Stock brokerage shares were bolstered by expectations of further spikes in local stock markets. Shares of Daewoo Securities surged 12.6 percent, and Samsung Securities soared 10.6 percent. Kyobo Securities leaped the daily limit of 15 percent. Mirae Asset Securities rallied 12.3 percent.
Trading volume was 473.7 million shares, worth 7.2 trillion won. Advancers beat decliners, 585 to 227.
The junior Kosdaq climbed 9.22 points, or 1.2 percent, to close at 784.67. Kium Securities surged by the daily limit of 15 percent.
Study aid makers for high school students rallied on heavy purchases by foreign investors. Industry leader Megastudy rose 9.8 percent, while Daekyo and Woongjin Thinkbig gained 4.9 percent and 3.9 percent, respectively.
Trading volume was 852 million shares, worth 2.5 trillion won. Decliners led advancers, 492 to 446.
By Jung Ha-won Staff Writer [hawon@joongang.co.kr]
with the Korea JoongAng Daily
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