Good news overseas rallies Seoul market
Seoul’s main stock market rose 36.69 points, or 2.1 percent, yesterday, closing at 1,972.58. The market opened higher, thanks to Wall Street’s overnight rally. Institutional and individual investors pushed the index up by purchasing shares, while foreign investors sold a net 555 billion won ($609 million) worth of local shares listed on the main bourse.“As U.S. and Chinese stock markets return to stability, the Kospi index went up over 2 percent, but it is still vulnerable to many negative overseas influences. That’s why investors need to slim down their portfolios while sticking to the nation’s blue chips” Cho Jae-hoon, an analyst at Daewoo Securities, said.
Amid the rally, the nation’s top 10 shares by market value did well. Samsung Electronics gained 2.8 percent to 547,000 won. Posco rose 4.8 percent, Hyundai Steel gained 3.4 percent and Dongkuk Steel advanced 7.8 percent. Hyundai Heavy Industries went up 2.5 percent, Korea Electric Power and LG Electronics also moved up 1.7 percent and 5.5 percent, respectively.
The banking industry also rallied. Kookmin Bank was up 0.9 percent, and Woori Financial Group advanced 1.7 percent. Shinhan Financial Network gained 1.1 percent.
Telecommunication companies rose, driven by SK Telecom on expectations that the nation’s largest mobile operator would win the bidding for Hanarotelecom. A deal in which SK Telecom purchased Hanaro went through after the market closed. SK Telecom rose 3.1 percent, KT gained 2.8 percent and KTF added 1.4 percent. Volume reached 362.1 million shares worth 79 trillion won.
The tech-heavy Kosdaq gained 7.6 points, or 1 percent, closing at 764.15. As the local market is interested in carbon trading, Unison, a company specializing in new and renewable energy, shot up 4.3 percent. Total traded volume was 414.9 million shares valued at 1.6 trillion won.
By Sung So-young Staff Writer [so@joongang.co.kr]
with the Korea JoongAng Daily
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