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December cheer lifts Kospi, Kosdaq higher

Dec 01,2007
The Kospi surged a second day yesterday following Wall Street’s rally, which was driven by news that the U.S. Federal Reserve may cut its key interest rate. The Kospi rose 28.44 points, or 1.5 percent, to close at 1,906.00. Foreign investors recorded 41.1 billion won ($44.1 million) worth of buying for the first time in four days. Institutional investors also joined the buying by purchasing 436.3 billion won worth of shares.
“With interest rates cut and the beginning of the Christmas shopping season just around the corner, it’s O.K. to have high expectations for a rally in December,” Lee Young-gon, a researcher at Hanwha Securities, said.
Among Samsung Group affiliates, Samsung Electronics slipped 0.4 percent to 565,000 won ($613). Other losers included Samsung Fire and Marine Insurance, with a 0.4 percent loss, and Samsung Securities, with a 1 percent loss. Meanwhile, Samsung Corporation, Samsung Heavy Industries and Samsung Card gained 2.7 percent, 2.3 percent and 3.9 percent, respectively.
As top defense officials from the two Koreas agreed on regular train service across the divided border on Thursday, inter-Korean related shares also rallied. Seondo Electric and Kwang Myung Electrical Engineering both rose by the daily limit of 15 percent. Domestic consumption-related shares also did well. Food processor CJ Cheiljedang advanced 1.8 percent. Hite Brewery, Korea’s largest beer maker, added 0.8 percent.
The banking industry also helped pull the index higher. Top lender Kookmin Bank gained 0.3 percent. Woori Finance Holdings climbed 2.6 percent, and Korea Exchange Bank advanced 1.4 percent. Total traded volume was 330.3 million shares, worth 6.53 trillion won.
The secondary Kosdaq climbed 6.9 points, or 0.9 percent, to close at 741.84. Total traded volume was 456.1 million shares, valued at 1.8 trillion won.

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



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