News at home, abroad sends Kospi past 2,000
Korea’s bourse rallied yesterday thanks to the second inter-Korean summit and news that the Dow Jones industrial average hit a new high bolstered by a strong a U.S. stock market.Korea’s benchmark Kospi celebrated the fanfare by hitting a record high. The Kospi closed at 2,014.09 points, up 19.19 points or 2.6 percent.
The index’s market capitalization increased by 25 trillion won ($27.3 billion) yesterday, stepping past 1 quadrillion won for the first time.
The information technology and semiconductor sectors turned in slightly bumpy performances. Samsung Electronics, Korea’s bellwether, inched up 1 percent to 579,000 won. Hynix Semiconductor, the world’s second-largest computer memory chip maker, slid 0.3 percent. LG.Philips LCD increased by 4 percent. LG Electronics climbed 1.4 percent.
Korea’s steelmakers led the rally with a moderate increase from the previous day. Posco, the nation’s largest steelmaker, surged 12.3 percent.
The construction sector also showed a brisk performance. Hyundai Engineering & Construction jumped 5.8 percent. GS Engineering & Construction advanced 8 percent.
The positive mood also lifted the financial sector. Kookmin Bank increased almost 4 percent. Woori Investment & Securities soared 4.5 percent. Goodmorning Shinhan Securities surged 4.3 percent.
Traded volume was 467.3 million shares valued at 8 trillion won.
Winners outnumbered losers, 446 to 359.
Korea’s secondary Kosdaq market closed above 800 for the second day in a row. The index was up 7.2 points or 0.9 percent, closing at 810.32 points.
NHN and Daum surged 7 percent and 4.4 percent, respectively.
Traded volume was 650 million shares worth 2.5 trillion won. Decliners beat advancers, 518 to 410.
By Kim Bo-yung Staff Writer [isabel@joongang.co.kr]
with the Korea JoongAng Daily
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