Analyst: Kospi poised to regain 2,000 point mark
Korea’s main bourse continued its upward streak for a fifth-consecutive day yesterday, at one point passing 1,950 points amid news that the U.S. stock market has stabilized.The Kospi increased 1.37 points, or 0.1 percent, to close at 1946.65 points.
“A positive outlook for the third quarter in the IT sector, which is mostly traded by foreign investors and institutions, was reflected in the market,” said Lee Seung-woo, an analyst from Shinyoung Securities.
“The price range of IT products has attracted foreigners, which helped the domestic market. The Korean stock market is expected to regain the 2,000 point mark temporarily in early October,” said Seo Jin-kyeong, an investment strategy manager at Daishin Securities. “The biggest variable affecting the market’s fluctuation will be upcoming reports on corporate earnings.”
The nation’s semiconductor makers and IT companies turned in strong performances thanks to attractive price ranges and high expectations for business performance. Samsung Electronics jumped 3 percent to 575,000 won ($628). Hynix Semiconductor, the world’s second-largest computer memory chipmaker, increased 1.1 percent. However, LG.Philips LCD slid 0.1 percent.
Posco, the nation’s top steelmaker, advanced 0.7 percent.
Fresh expectations for the financial sector buoyed those shares. Kookmin Bank enjoyed a 1.2 percent hike, and Woori Financial Group advanced 0.5 percent.
Traded volume was 535 million shares valued at 6.3 trillion won. Winners outpaced losers, 494 to 391.
The Kosdaq maintained its steady upward trend, increasing 2.43 points, or 0.3 percent, to close at 794.56 points. Traded volume was 549 million shares valued at 2 trillion won. Winners outperformed losers, 499 to 428.
By Kim Bo-yung
Staff Writer [ebusiness@joongang.co.kr]
with the Korea JoongAng Daily
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