Blue chips mixed as Kospi hits new high
The main Kospi closed slightly higher yesterday to post a fresh record. The index was largely propped up by steel and shipbuilding shares amid high expectations of improved third-quarter earnings. The Kospi rose 1.31 points, or 0.1 percent, to close at 2,014.13.“Retail investors seem to have picked up shares on rosy third-quarter earnings outlooks,” said Kim Young-gak, an analyst at Hyundai Securities.
Blue chips were mixed. Technology bellwether Samsung Electronics shed 2.5 percent to 537,000 won ($585) as its key semiconductor unit saw memory chip prices slide. Domestic rival Hynix Semiconductor also edged down 1 percent, and leading display maker LG.Philips LCD was down 2.2 percent, although the company announced yesterday it started turning to a profit in the third quarter of this year on effective cost-cutting efforts and strong panel prices.
Top steel maker Posco rose 1.7 percent. As its total share value passed 61 trillion won, the company now trails Samsung Electronics, the current share-value leader, by 18 trillion won. The world’s largest shipbuilder, Hyundai Heavy Industries, gained 2.4 percent. Samsung Heavy Industries advanced 1.6 percent, Daewoo Shipbuilding and Marine Engineering increased 2.2 percent and Doosan Heavy Industries was up 3.9 percent.
Among banking shares, Kookmin Bank gained 1 percent, and Shinhan Financial Group advanced 0.8 percent, whereas Woori Financial Group lost 0.9 percent. LG leapt 6.4 percent.
Traded volume totaled 455.7 million shares worth 7.3 trillion won. Decliners beat advancers, 500 to 307.
The secondary Kosdaq dipped 3.67 points, or 0.5 percent, to 812.8. Total traded volume was 641.3 million shares valued at 2.5 trillion won, with losing shares outnumbering winners, 612 to 343.
By Seo Ji-eun Staff Writer [spring@joongang.co.kr]
with the Korea JoongAng Daily
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