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Kospi hits new high for 4th straight day

Oct 12,2007
In what many analysts see as the beginning of a long-term bull run that will outperform a strong ascent earlier this year, the Korean stock market set a record-high yesterday for a fourth consecutive day.
The benchmark Kospi gained 17.73 points, or 0.9 percent, to finish at 2,058.85 points.
“The Kospi has regained its momentum and will possibly rise at a stronger pace than it rose earlier,” said Lee Hyun-joo, an analyst with Tongyang Investment and Securities.
Shipbuilding and transportation companies led the market, with STX Pan Ocean, Korea’s top bulk shipping firm, jumping 11.3 percent.
Hyundai Heavy Industries, the world’s largest shipbuilder, surged past 500,000 won ($545) for the first time after rising 3.3 percent. Samsung Heavy Industries and Daewoo Shipbuilding and Marine Engineering also added 1.9 percent and 1 percent, respectively.
Hynix Semiconductor, the world’s second-largest computer memory chip maker, fell 1 percent because of a downturn in Dram memory chips. Samsung Electronics, a market bellwether and the world’s leading computer chipmaker, managed to gain 0.5 percent.
Optimism about the local economy led the distribution industry to rise more than 3 percent. Shinsegae, owner of the nation’s largest discount chain E-Mart, ran in the black for the fifth day in a row, rising 1.5 percent yesterday. Lotte Shopping, the third-largest big-box retailer, advanced 3.4 percent.
The securities companies gained 1.7 percent, taking advantage of the market rally.
The trade volume stood at 457 million shares worth 8.2 trillion won. Decliners outnumbered gainers, 421 to 386.
The tech-heavy Kosdaq edged down 0.98 points, or 0.1 percent, to 817.28 points. Trade volume was 684 million shares worth 2.6 trillion won. Losers beat winners, 522 to 424.

By Moon Gwang-lip Staff Writer [joe@joongang.co.kr]



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