Good news for Hyundai and Hynix as Kospi rises
The Kospi index added 51.31, or 2.6 percent, closing at 2,028.06 yesterday, the biggest gain since Oct. 2. The measure rose 2.9 percent this week.SK Energy advanced after crude oil prices climbed to a record, spurring the expectation that prices for the company’s products will increase.
“Companies that need oil as a raw material may see their costs rise, but they can also increase their prices,” said Kim Hyung-chan, an analyst at KTB Asset Management.
Hynix Semiconductor climbed on speculation recent declines were excessive. Hynix, the world’s second-largest computer-memory maker, surged 3,350 won, or the daily limit of 15 percent, to 26,350 won. That’s its biggest jump since August 2003.
Hyundai Motor, Korea’s largest automaker, advanced 800 won, or 1.2 percent, to 66,200 won, after brokerages including Prudential Investment & Securities said investors should buy the stock in anticipation of higher earnings.
SK Energy, Korea’s largest oil refiner, added 17,500 won, or 10 percent, to 187,500 won. GS Holdings, which operates the second-biggest, gained 5,000 won, or 8.9 percent, to 61,000 won.
LG.Philips LCD, the world’s second-largest maker of liquid-crystal displays, rose 1,900 won, or 4.4 percent, to 44,800 won.
Lotte Shopping, Korea’s largest department-store chain, lost 2,000 won, or 0.5 percent, to end at 430,000 won. The company said Thursday that third-quarter net income dropped 11 percent to 151.4 billion won on smaller contributions from its credit-card unit.
STX Pan Ocean advanced 160 won, or 3.4 percent, to 4,815. The company said on Thursday its unit has formed a joint venture company in China to perform shipping operations and cargo services.
The Kosdaq added 0.7 percent to 799.06. About 433 million shares valued at 9 trillion won changed hands on the Korea stock exchange, 33 percent more than the three-month daily average of 6.8 trillion won. Bloomberg
with the Korea JoongAng Daily
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