Markets end day mixed, shipbuilders remain hot
Following sharp gains Wednesday after the U.S. Federal Reserve cut interest rates, the Kospi index sustained its upward momentum yesterday, despite news the Financial Times Stock Exchange refused Korea’s bid to join the advanced market index.“The FTSE decision is not that significant,” said Lim Dong-min, an analyst with Dongbu Securities.
The benchmark Kospi gained 6.32 points, or 0.3 percent, finishing at 1,908.97.
Shipbuilders and steelmakers, red-hot from strong demand in China, led the day’s rallying shares. Hyundai Heavy Industries, the world’s largest shipbuilder, surged 5.1 percent to post its highest-ever price, 415,000 won ($450).
Steelmakers gained 2.2 percent with Posco, the nation’s largest steelmaker, recording the highest price on the index at 670,000 won, after rising 3.1 percent.
Kookmin Bank, Korea’s largest lender, gained 0.8 percent, and Shinhan Financial Group climbed 1.6 percent. LG.Philips LCD jumped 4.2 percent.
Other major blue chips faltered with market bellwether Samsung Electronics retreating 1.1 percent. Hynix Semiconductor dropped 4.3 percent.
Trading volume was 432.5 million shares, worth 6.3 trillion won. Decliners outpaced winners, 522 to 288.
The junior Kosdaq slid 2.71 points, or 0.4 percent, to close at 781.96.
Trading volume was 748.7 million shares, worth 2.3 trillion won. Decliners outnumbered advancers, 656 to 286.
Lim said local markets will likely have minor setbacks following the announcement of business data at U.S. investment banks this week.
But he said the Kospi will regain its momentum beginning in early October when corporate and economic data for the third quarter, which he expects to be positive, begins to be released.
By Moon Gwang-lip Staff Writer [joe@joongang.co.kr]
with the Korea JoongAng Daily
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