중앙데일리

Seoul markets climb as institutions invest

Nov 07,2007
The Seoul stock market surged yesterday by 38.48 points, or 1.9 percent, closing at 2,054.24. Despite a weak performance on the New York Stock Exchange the previous day, Korea’s benchmark Kospi opened higher and gained momentum as institutional investors bought. In addition, large-cap IT shares also helped pull the index higher.
“The current stock market is highly dependent on leading Chinese shares, but IT-related shares that are relatively cheap and have high potential need to be reinvented,” Kwak Byung-yeol, a senior researcher with Daishin Securities, said.
Thanks to the rally, all the top-10 listed firms in terms of market value were strong. Samsung Electronics, the blue chip with the largest market value, climbed 3.8 percent to 548,000 won ($603). Shinhan Financial Group leapt 0.2 percent and SK Telecom, the nation’s top mobile carrier, also moved up 1.5 percent. LG.Philips LCD, one of the biggest IT shares, achieved its biggest gain, 8.3 percent, since the company listed its shares. LG Electronics and Hynix Semiconductor also advanced 8.9 and 2.1 percent, respectively.
Securities, electrical equipment, transportation equipment and medical supplies all shot up. Especially, medical supplies-related shares showed strong performances aided by Korea’s rapid transition to an aging society. Hanmi Pharmaceutical soared 14.8 percent, along with other drug manufacturers including LG Life Science and Green Cross. Traded volume totaled 306 million shares worth 72 trillion won.
The secondary Kosdaq gained 6.3 points, or 0.8 percent, closing at 800.92. With news that the Samsung Group would adopt an English-speaking test titled OPlc from Credu, an e-learning provider, the educational company’s shares rose 15 percent. Total traded volume was 464.6 million shares valued at 2.0 trillion won.


By Sung So-young Staff Writer [so@joongang.co.kr]




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