Stocks bounce back as U.S. concerns fall

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Stocks bounce back as U.S. concerns fall

The Seoul stock markets bounced back yesterday as concern eased over a possible recession in the United States.
The main board had a strong start at its opening due to a turnaround in the U.S. stock market and gained momentum in the afternoon due to large, program-based buying. The Dow Jones industrial average rose for a second day overnight, gaining 1.45 percent. This is the biggest advance since the 4.65 percent rise on Nov. 26.
Almost all industry indexes gained. The steel and metal index rose 4.1 percent, electronics shares increased 3.6 percent, shipbuilding and automobile issues gained 4.1 percent, banking stocks advanced 3.4 percent, brokerage shares moved up 5 percent, chemical issues soared 6.4 percent and machinery stocks jumped 9.2 percent.
Among large-cap stocks, Samsung Electronics gained 3.3 percent to 593,000 won ($627.39). Posco increased 4.4 percent. Hyundai Heavy Industries rose 4.3 percent. Korea Electric Power climbed 2.4 percent. Kookmin Bank advanced 4.6 percent. Shinhan Financial Group soared 5.7 percent. SK Telecom went up 1.3 percent, and Hyundai Motor gained 3 percent.
Information technology shares were winners. LG.Philips LCD rose 4.6 percent. LG Electronics advanced 5.4 percent, and Hynix Semiconductor climbed 1.6 percent.
Brokerage shares were also strong. Mirae Asset climbed 7.8 percent, and Samsung Securities advanced 6.4 percent.
As the president-elect’s transition team said on Wednesday that it would support alternative and nuclear energy industries, KCC rose 14.7 percent after it said it would enter solar cell manufacturing. DC Chemical, a solar cell leader in Korea, jumped 8 percent.
Doosan Heavy Industries and Construction rose 11.5 percent. It is seen as the main beneficiary of the increasing popularity of nuclear energy.


By Limb Jae-un Staff Reporter [jbiz91@joongang.co.kr]
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