Kospi mirrors gains in American market
Seoul’s main stock market rose to a three-week high yesterday, after Wall Street gained on a favorable job report and an improved outlook for the computer chip industry. The Kospi index closed at 1,953.17, up 14.97, or 0.8 percent.On Wednesday, the Dow Jones industrial average climbed 1.5 percent, on reports of a greater-than-expected increase in U.S. private sector jobs in November.
Samsung Electronics surged 5.2 percent to 612,000 won ($664), a four-month high. Hynix Semiconductor gained 5.1 percent.
“The semiconductor industry seems to have hit bottom, with smaller foreign chip makers withdrawing their investment plans or reducing production,” said Kim Jang-yeol, an analyst at Hyundai Securities. “The industry will likely recover next year.”
Other core blue chips were also strong. Korea’s top steel maker, Posco, advanced 4.4 percent after Mirae Asset reported steel plate prices are rising. Hyundai Heavy Industries, the world’s largest shipyard, rose 1 percent. Kookmin Bank, the nation’s top lender, added 0.8 percent. Hyundai Motor, Korea’s biggest automaker, gained 2.6 percent.
Brokerages were strong on expectations that the rising stock market will lead to increased commissions. Samsung Securities, the country’s largest brokerage, surged 7.3 percent.
But SK Telecom fell 1.5 percent as investors unloaded shares to profit from its recent rally.
Trade volume was 334.9 million shares, valued at 6.8 trillion won. Gainers outnumbered losers, 451 to 358.
The secondary Kosdaq also climbed for a third day. It added 1.62 points, or 0.2 percent, to close at 751.57. NHN dropped 2.2 percent and Daum Communications lost 2.8 percent.
Trade volume was 608.1 million shares. The value reached 2.1 trillion won. Advancing shares led decliners, 528 to 418.
By Moon So-young Staff Reporter [symoon@joongang.co.kr]
with the Korea JoongAng Daily
To write comments, please log in to one of the accounts.
Standards Board Policy (0/250자)