Kospi hits new heights then drops back down
The main index climbed to a new high at one point during the trading day yesterday, having opened 1.2 percent higher than the previous day’s close. But program selling pulled it back down.Spurred by news that both the Standard & Poor’s 500 Index and the Dow Jones industrial average reached record highs last Friday, U.S. time, the Kospi hit 2,022.01 in the morning. Foreign investors bought while individual and institutional investors sold.
The Kospi closed at 2,012.82, up 16.79 points, or 0.8 percent. Shipping stocks rose 4.3 percent; brokerage shares increased 2.9 percent; machinery advanced 2.8 percent and transportation equipment climbed 2.7 percent. Utility stocks declined 1.3 percent and banking issues fell 0.8 percent.
LG.Philips LCD, which will announce its third quarter earnings today, jumped 7.1 percent on expectations of an improved performance in the third quarter, and LG Electronics gained 3.2 percent. Goodmorning Shinhan Securities estimated LG’s sales and operating profit at 4 trillion won ($4.3 billion) and 579 billion won, respectively.
Brokerage shares were strong. Mirae Asset reached the daily ceiling of 15 percent, and Samsung Securities rose 8.8 percent, making it the first brokerage share to surpass 100,000 won.
With the electric wire business booming, Taihan Electric Wire increased 14.4 percent. Posco rebounded 1.2 percent to close at 693,000 won. Hyundai Heavy Industries soared 5.3 percent, hitting a new high at 467,500 won.
Forty shares hit a new year high, including LG Electronics, Cheil Industries, Hyundai Marine and Fire Insurance and Samsung Fine Chemicals. Still, decliners led climbers, 477 to 317.
The secondary Kosdaq finished at 816.47, up 2.96 points, or 0.4 percent. NHN advanced 6.2 percent to 258,000 won as brokerages upgraded its target price. Losers overwhelmed gainers, 604 to 348.
By Limb Jae-un Staff Writer [jbiz91@joongang.co.kr]
with the Korea JoongAng Daily
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