Individual investors check Kospi’s decline
The Kospi gained 44.17 points, or 2.3 percent, closing at 1,947.98 yesterday. Foreign investors unloaded local shares for the eighth consecutive trading day, while individual investors snatched them up. The machinery index jumped 8.9 percent. Both shipping and food and beverage indexes climbed over 4 percent.Among large cap stocks, Posco increased 3.1 percent to 602,000 won ($655), and Hyundai Heavy Industries added 2.9 percent, ending at 450,000 won. Samsung Electronics remained unchanged at 522,000 won.
The prospect of improved earnings at Doosan Heavy Industries and Construction lifted it 14.7 percent to 144,000 won. Doosan replaced SK Energy as the 10th-most-expensive company in Korea in terms of market capitalization.
Other Doosan affiliates also moved up. The group’s holding company, Doosan, soared 10.2 percent. Doosan Construction and Engineering skyrocketed 14.8 percent. Doosan Infracore, a construction equipment maker, advanced 3.3 percent and Oricom, an advertising agency, climbed 2.1 percent.
STX Shipbuilding soared 14.9 percent after it said it acquired a 39.2-percent stake in Aker Yards ASA, a Norwegian shipyard. STX, the shipbuilder’s holding company, and STX Pan Ocean, a shipping firm, hit the daily ceiling of 15 percent. STX Engine increased 10.5 percent.
With the news of a drop in crude oil prices, Korean Air Lines gained 4.6 percent, and Asiana Airline increased 5.9 percent.
LG Group shares were also strong. LG and LG Electronics climbed 8.1 percent and 8.3 percent, respectively. LG.Philips LCD rose 4 percent. Advancers overwhelmed decliners, 597 to 215.
The tech-heavy Kosdaq finished at 789.00, an increase of 20.10 points, or 2.6 percent. NHN jumped 6.9 percent, and Interpark rose 6.7 percent. Gainers led losers, 632 to 316.
By Limb Jae-un Staff Writer [jbiz91@joongang.co.kr]
with the Korea JoongAng Daily
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