Exporters fall as won regains some strength
Korean stocks rose for the fifth consecutive session yesterday as investors took comfort from eased woes over a global credit squeeze.The benchmark Kospi gained 9.61 points, or 0.6 percent, to 1,655.3. Volume was moderate at 254.5 million shares worth 3.8 trillion won ($3.8 billion), with winners outpacing losers, 451 to 304.
“The local bourse maintained its solid momentum following last week’s gains, but there is a high possibility that the key index will likely take a breather down the road,” said Park So-yeon, an analyst at Korea Investment and Securities. “Financial shares gained ground while exporters like Samsung Electronics were dented by a stronger won.”
Foreign investors snapped up a net 41 billion won worth of local shares, which supported the market’s gains. Park said it seemed that foreigners’ massive selling spree has passed a climax following the stable foreign exchange market.
Oil refiners gained ground on falling crude oil prices. Top refiner SK Energy gained 1.5 percent, and its smaller rival, S-Oil, advanced 1 percent.
No. 3 builder Hyundai Engineering and Construction closed down 0.9 percent after trading higher on a report that creditors of the builder will pick a lead manager this week for a sale of the company’s stakes.
Financial shares regained ground they lost recently due to global credit woes. Top lender Kookmin Bank gained 2 percent and No. 2 financial services firm Shinhan Financial Group advanced 4 percent.
But tech blue chips lost ground, hurt by a stronger won. Tech giant Samsung Electronics fell 1.3 percent and chip giant Hynix Semiconductor slid 0.8 percent.
No. 2 automaker Kia Motors declined 5.2 percent on a report that the departure of Chung Eui-sun as co-CEO may have a negative impact on the carmaker.
The local currency finished at 997.2 won against the dollar, up 5.9 won from Friday’s close.
Yonhap
with the Korea JoongAng Daily
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