Expected U.S. rate cut again fans the markets
Seoul’s main stock market raged for the third straight day as investor sentiment brightened on anticipation that the U.S. Federal Reserve would slash the key interest rate, experts said.The major firms led the way as the Kospi climbed 1.7 percent. Samsung Electronics rose 2.4 percent to reach 545,000 won ($601.88) and Posco climbed 2.4 percent. Hyundai Motor Company surged 5.9 percent, continuing a steep hike fueled by its better-than-expected third-quarter profit announced on Thursday.
Tech shares fared well, too, as LG Electronics rose 5 percent and LG Philips.LCD added 4.4 percent.
Shares of shipbuilders, which are enjoying business booms unseen for years, strengthened considerably. KSS Line soared by the daily limit of 15 percent and Hyundai Merchant Marine gained 4.3 percent. Hyundai Mipo Dockyard also spiked 12.5 percent while Daewoo Shipbuilding and Marine Engineering added 4.1 percent.
Banking shares fared well on high expectations for third-quarter earnings, to be announced in the next several weeks. Kookmin Bank climbed 4 percent and Shinhan Financial Group surged 6.6 percent. Woori Financial Holdings added 1.8 percent. Kookmin Bank reported its third-quarter earnings were up 14 percent from a year earlier on increased lending to companies and sales of the shares it held in ING Group.
Trading volume was 481.2 million shares, worth 9.2 trillion won. Gainers led losers, 476 to 343.
The tech-heavy Kosdaq climbed 8.25 points, or 1 percent, to close at 807.31.
Shares of Credu, an English education service provider, surged by the daily limit of 15 percent as Samsung Group indicated it may adopt the English-speaking ability test arranged by Credu to screen its job applicants. Trading volume was 456.5 million shares, worth 1.9 trillion won. Advancers beat decliners, 551 to 411.
By Jung Ha-won Staff Writer [hawon@joongang.co.kr]
with the Korea JoongAng Daily
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