중앙데일리

Rally continues with gains across all sectors

Mar 26,2008
Korean stocks rose for a sixth day yesterday as concerns over U.S. subprime mortgage woes eased and Wall Street’s overnight gains boosted investor sentiment.
The benchmark Kospi gained 19.63 points, or 1.2 percent, to end at 1,674.93. Foreign investors helped pull the index higher by purchasing shares, but individual and institutional investors have been on a massive selling spree as they reap trading profits.
“The local stock index gained ground, mirroring firmer U.S. markets. Financial shares, which have been heavily dented by credit woes, rebounded, supporting the market’s rise,” said Kang Moon-sung, an analyst at Korea Investment and Securities.
The nation’s top 10 listed firms also rallied.
Samsung Electronics, Korea’s leading blue chip by market value, added 1.8 percent to 610,000 won ($624). China-related shares such as Posco, the world’s fourth-largest steelmaker, and Hyundai Heavy Industries, the world’s largest shipbuilder, gained 3.7 percent and 3.6 percent, respectively.
The exception was LG Display, the former LG.Philips LCD, which lost 1.1 percent.
Among all sectors, banking, machinery, transportation, insurance and construction shares rose sharply.
Kookmin Bank, the nation’s top lender, went up 3.8 percent, and Woori Financial Group added 1.8 percent. Korea Exchange Bank and Industrial Bank of Korea added 2.8 percent and 2.4 percent, respectively. Doosan Group recorded the highest increase by gaining 12.2 percent.
Nongshim, a snack maker involved in a shrimp cracker scandal in which a rat’s head was found in a bag of Saeukkang, remained the same, while rival Lotte Confectionery rose 5 percent.
Trade volume was 313.6 million shares, valued at 5.4 trillion won. Losing shares outnumbered winners, 394 to 390.


By Sung So-young Staff Reporter [so@joongang.co.kr]


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