Good news at home sends Kospi back up
The nation’s leading Kospi index regained the 2,000-point mark yesterday, a day after concerns about the U.S. economy, rising oil prices and possible overheating in China’s stock markets dragged the market down.Investors reacted to the positive outlook for local businesses.
The Kospi index rose 21.15 points, or 1.1 percent, finishing at 2,005.09. Foreigners sold for a sixth straight day.
“On Wednesday, local investors seemed to have overreacted to concerns that also gripped global investors,” said Lee Young-won, an analyst with Prudential Investment and Securities. “But, today, they decided to buy again due to belief in the solid prospects of local companies.”
Insurance companies led other industries, rising 10.6 percent, thanks to improvements in their business data.
Nine insurers including Meritz Securities and Hyundai Marine and Fire Insurance hit the daily ceiling of 15 percent.
Samsung Electronics, a market bellwether, rose 1.4 percent, to 522,000 won ($570).
Posco, the world’s fourth-largest steelmaker, inched up 0.2 percent.
Hyundai Heavy Industries, the world’s largest shipbuilder, stayed unchanged at 470,000 won.
SK Energy, the nation’s eighth-largest company by assets, surged 12.2 percent.
Trade volume was 421 million shares worth 8.7 trillion won. Gainers outnumbered losers, 519 to 276.
The tech-laden Kosdaq rose for the first time in three days. It gained 11.98 points, or 1.5 percent, to 792.20.
NHN, the operator of the nation’s most popular portal Naver, advanced 3.8 percent, to 265,000 won.
Trade volume was 423 million shares worth 1.8 trillion won. Winners outpaced decliners, 570 to 370.
By Moon Gwang-lip Staff Writer [joe@joongang.co.kr]
with the Korea JoongAng Daily
To write comments, please log in to one of the accounts.
Standards Board Policy (0/250자)