Bargain hunters end market’s 3-day slide
Seoul’s main stock market climbed yesterday, ending a three-day losing streak. The Kospi closed at 1,861.47, up 21.65, or 1.2 percent.The market started the day weak after Wall Street sank on Monday on concerns about a continued housing slump combined with price hikes in the United States, a major market for Korea. But bargain hunting by local institutional and retail investors pulled the Kospi up, analysts said.
Companies that have unveiled new investment plans in recent days gained. LG.Philips LCD, the world’s second-largest liquid-crystal display maker, rose 2.4 percent, after it said yesterday it would purchase shares in Taiwan-based LCD display maker HannStar.
Hyundai Motor, the nation’s top automaker, advanced 3.9 percent, after it signed a contract to build a plant in Russia on Monday. Korea Investment and Securities praised the move in a report.
Lotte Shopping, Korea’s largest department store chain, climbed 2.5 percent, after Tong Yang Investment Bank said in a report the company’s plans to expand in China by buying a stake in discount-store operator CTA Makro will help save time and reduce risk. Other blue chips were mixed. Kookmin Bank gained 1.8 percent, and Hyundai Heavy Industries added 1.6 percent. On the other hand, Posco lost 1.4 percent, and SK Telecom shed 1.5 percent. Samsung Electronics remained unchanged.
Builders were strong. Hyundai Engineering and Construction rose 6.3 percent, Samsung Corporation climbed 5.7 percent, GS Engineering and Construction gained 2.3 percent and Daelim Industrial went up 1.6 percent.
Trade volume was 269.1 million shares, valued at 5.1 trillion won ($5.4 billion). Gaining shares led losers, 467 to 325.
The secondary Kosdaq climbed 6.98 points, or 1 percent, to close at 709.47. Korean stock markets will be closed today for the presidential election.
By Moon So-young Staff Reporter [symoon@joongang.co.kr]
with the Korea JoongAng Daily
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