IT sector emerges strong after 3-day Chuseok rest

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IT sector emerges strong after 3-day Chuseok rest

Korea’s stock market rallied after the Chuseok holiday, reflecting a boost in investment confidence generated by a better outlook for the information technology sector. The Kospi climbed 26.02 points, or 1.4 percent, to close at 1,945.28.
“A short-term buying spree in information technology companies bolstered share prices and the upward trend is anticipated to continue until next week,” said Hwang Geum-dan, an analyst from Samsung Securities Co.
WiBro-related equities climbed as KT, Korea’s WiBro service provider and SK Telecom Co., Korea’s telecom giant, have begun to galvanize the WiBro business by cutting the cost of the high-speed downlink packet access-WiBro integrated products.
The nation’s biggest information technology companies delivered strong performances. Korea’s bellwether, Samsung Electronics, rebounded 4.5 percent over four days to 558,000 won ($606). Hynix Semiconductor, the world’s second-largest computer memory chip maker, and LG.Philips LCD jumped 5.9 percent and 4.7 percent, respectively. Posco, the nation’s top steelmaker, dropped by 0.4 percent.
Hyundai Heavy Industries was added to a special watch list by the Korea Exchange after its share price climbed 17.1 percent over three consecutive days from Sept. 19 to 21. Price manipulation is suspected.
A bull run in the financial sector lifted those shares. Kookmin Bank posted a 2.2 percent hike. Woori Financial Holdings Co. Ltd. and Shinhan Financial Group also advanced, entering the positive bracket ranging from 2 to 5 percent.
Advancers beat decliners, 455 to 371.
The tech-heavy Kosdaq advanced 3.72 points, or 0.5 percent, to end at 792.13 points. Traded volume was 524.3 million shares valued at 1.9 trillion won. Losers outpaced winners, 472 to 469.


By Kim Bo-yung Staff Writer [ebusiness@joongang.co.kr]
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