Securities firms lead Kospi to record high
The Kospi index advanced 12.48, or 0.6 percent, closing at 2,064.85 in Seoul and beating the Oct. 29 high of 2,062.92. The measure advanced 6.1 percent this month.
The Kosdaq added 0.6 percent to 810.07. Kospi 200 futures rose 0.4 percent to 261.80, while the underlying index gained 0.6 percent to 260.42.
About 359 million shares valued at 7.6 trillion won ($8.4 billion) changed hands on the Korea stock exchange, 12 percent more than the three-month daily average of 6.8 trillion won.
Mirae Asset, Korea’s second-largest brokerage by market value, climbed by the daily limit of 15 percent to 169,500 won. That’s the biggest gain since February 2006.
Net income surged to 83 billion won ($92 million) in the three months ended Sept. 30, from 26.4 billion won a year earlier, the company said yesterday.
Additionally, BNP Paribas raised its 12-month price estimate for Mirae Asset by 42 percent to 210,000 won.
Other brokerages also gained. Samsung Securities, the biggest in the country by market value, advanced 2.8 percent to 111,000 won. Daewoo Securities, the third-largest, added 0.6 percent to 26,350 won.
Amorepacific, a cosmetics maker, dropped 3.9 percent to 857,000 won. Profitability may narrow for “the next couple of years” as marketing costs rise, Sean Yang, an analyst at HSBC, wrote in a report.
Korean Air Lines, the nation’s biggest carrier, advanced 0.6 percent to 78,300 won. Goldman Sachs raised its 12-month price estimate by 2.2 percent to 105,200 won, in a report.
Ssangyong Motor, the Korean unit of China’s biggest automaker, rose 330 won, or 5.5 percent, to 6,300 won.
Bloomberg
with the Korea JoongAng Daily
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