Kospi nears 2,000 mark after 6-day buying spree
In spite of an unstable U.S. market over the weekend, Korea’s benchmark Kospi shattered the 1,960 point level after climbing for six straight days as a strong domestic market sent investors on a buying spree. The Kospi closed at 1,962.67, down 19.19 points or 0.8 percent.Ongoing buying by retail and foreign investors fed the rally as their net buying in the stock market stood at 117.7 billion won and 23.6 billion won, respectively.
The nation’s largest information technology companies, which had a sizable rebound last week, suffered a lower-than-expected performance yesterday.
Korea’s bellwether, Samsung Electronics, dropped 0.5 percent to 572,000 won ($626). Hynix Semiconductor, the world’s second-largest computer memory chip maker, slid 0.6 percent. LG Electronics and LG.Philips LCD dropped 1.9 percent and 0.9 percent, respectively.
Korean shipbuilders were also weak. Hyundai Heavy Industries lost 0.7 percent. Daewoo Shipbuilding & Marine fell 0.9 percent. However, Samsung Heavy Industry managed to climb 0.9 percent.
Steelmakers showed a moderate increase. Posco, the nation’s top steelmaker, increased 1.2 percent.
The financial sector generated gains. Kookmin Bank increased 3 percent. Goodmorning Shinhan Securities and Woori Finance Holdings followed suit by climbing 2 percent and 1 percent, respectively.
Traded volume was 430.4 million shares valued at 5.53 trillion won. Advancers edged decliners, 457 to 362.
Korea’s secondary Kosdaq market climbed, regaining the 800 point-level after two months. The index closed at 803.12, up 8.56 points or 1.1 percent.
NHN gained 1.5 percent. Asiana Airlines increased 2 percent. A total of 566 million shares worth 2 trillion won were traded.
Winners outpaced lowers, 546 to 405.
By Kim Bo-yung Staff Writer [isabel@joongang.co.kr]
with the Korea JoongAng Daily
To write comments, please log in to one of the accounts.
Standards Board Policy (0/250자)