중앙데일리

Gains in China boost investor sentiment

Oct 16,2007
The main Kospi ended slightly higher yesterday with minor company shares leading gains. The Kospi gained 8.95 points, or 0.4 percent, to end at 2,035.39.
“The market continued to move in a tight range throughout the day. But investors pushed the main index higher by picking up shares later in the day, emboldened by rallies in Chinese stocks,” said Kim Hak-gyun, an analyst at Korea Investment and Securities. The Shanghai Composite Index jumped more than 1.5 percent, breaching the 6,000-point mark during intraday trading.
Samsung Electronics fell 2.7 percent to 542,000 won ($591), while smaller rival Hynix Semiconductor shed 1.1 percent. But LG.Philips LCD, a leading display maker, edged up 0.7 percent, and LG Electronics advanced 3.1 percent on upbeat expectations for improved earnings results. Among other blue chips, top steelmaker Posco shed 0.5 percent, SK Telecom lost 0.9 percent and Hyundai Motor was down 1.9 percent.
Top lender Kookmin Bank retreated 2.3 percent, Shinhan Financial Group dropped 0.3 percent and Woori Financial Group fell 1.2 percent.
Brokerage shares pulled the market higher. Top brokerage Samsung Securities surged 5.1 percent, while smaller Hyundai Securities climbed 2.5 percent. Holding companies also advanced on optimism that their subsidiaries are likely to announce better-than-expected earnings results. GS Holdings surged 9.9 percent, and Hanjin Heavy Industries & Construction Holdings jumped 11.9 percent.
Volume was moderate at 376.9 million shares worth 7.3 trillion won, with decliners outnumbering advancers, 441 to 359.
The secondary Kosdaq climbed 7.24 points, or 0.9 percent, to 813.93. Traded volume was 565.2 million shares worth 2.5 trillion won, with losing shares outnumbering winners, 581 to 381.

By Seo Ji-eun Staff Writer [spring@joongang.co.kr]



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