중앙데일리

Kospi bounces back from seven-day fall

Nov 27,2007
Korean stocks surged yesterday by 82.45 points, or 4.7 percent, to close at 1,855.33, thanks to Wall Street’s rally on Friday and a buying spree by foreign investors. It was the second-biggest point gain in the Kospi’s history.
The market opened higher and Korea Exchange, the local bourse operator, even suspended trading for five minutes in the afternoon after the Kosdaq 200 Futures Index rallied more than 5 percent.
“The index succeeded in rebounding, but China-related sectors such as steel and shipbuilding still show weak consumer confidence. That’s why investors should take a conservative approach,” Hong In-young, a researcher at Shinheung Securities, said.
All sectors advanced regardless of industry, with heavy industry shares leading the rise. Hyundai Heavy Industries, the world’s largest shipbuilder, and Doosan Heavy Industries jumped 10.1 percent and 11.9 percent, respectively. Daewoo Shipbuilding & Marine Engineering also advanced by the daily limit of 15 percent.
Korea Exchange’s top-10 listed firms by market value also joined the rally. Samsung Electronics, Korea’s largest exporter, leapt 1.1 percent to 563,000 won ($605). Posco, the nation’s top steel maker, gained 4.8 percent. LG.Philips LCD gained 5.1 percent, and SK Energy climbed 4.8 percent. Among top-10 listed firms, Hyundai Motor was the only loser, shedding 0.1 percent.
Financial shares had a good day. Kookmin Bank, the nation’s top lender, rose by 2.9 percent, Shinhan Financial Group jumped 5.4 percent and Korea Exchange Bank climbed 2.2 percent.
Samsung Fire & Marine Insurance climbed 8.5 percent. Dongbu Insurance gained 7 percent. Traded volume totaled 283.8 million shares worth 6.2 trillion won.
The tech-heavy Kosdaq ended at 721.41, up 20.73 points or 3 percent. Total traded volume was 418.4 million shares valued at 1.3 trillion won.


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



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