Eased U.S. woes extend Kospi’s rise for third day

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Eased U.S. woes extend Kospi’s rise for third day

The rebound on Wall Street led the Korean stock market higher for the third consecutive day yesterday.
The benchmark Kospi rose 29.41 points, or 1.8 percent, to 1,692.41 points. The Dow Jones industrial average advanced more than 400 points over the past two days, through Thursday in the U.S.
Most blue chips gained across the board. Samsung Electronics, the nation’s leader by market value, rose 5,000 won ($5.30), or 0.9 percent, to 561,000 won. Posco, Asia’s biggest steel maker by market value, advanced 4.5 percent while Hyundai Heavy Industries, the world’s biggest ship maker, rose 4.8 percent. Korea Electric Power, the nation’s only electricity provider, edged up 0.8 percent.
Hyundai Motor, the world’s sixth-largest automaker, added 1.8 percent while LG.Philips, the world’s second-largest maker of LCDs, went up 0.9 percent.
Telecoms fell. Top mobile carrier SK Telecom dropped 1.7 percent, and the No. 2 KTF shed 0.9 percent. Fixed-line Internet and telephone operator KT fell 1.0 percent.
Lenders slid, as well. Top lender Kookmin Bank fell 1.0 percent, while Shinhan Financial Group dropped 0.6 percent. Woori Financial Group and Hana Financial Group shed 0.5 percent and 2.6 percent, respectively.
Samsung Fire and Marine Insurance lost 3.0 percent amid an ongoing investigation by prosecutors into suspected slush funds of Samsung Group.
Trade volume was 267.7 million shares, valued at 5.5 trillion won. Gaining shares outnumbered losers, 580 to 224.
The secondary Kosdaq inched up 14.80 points, or 2.3 percent, to close at 653.78 points.
NHN rose 4.0 percent. Hanarotelecom, LG Telecom and Mega-study gained 1.9 percent, 0.9 percent and 3.4 percent, respectively.
Trading volume was 541.1 million shares, valued at 1.6 trillion won. Winners led decliners, 684 to 272.


By Moon Gwang-lip Staff Reporter [joe@joongang.co.kr]
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