An up-and-down day ends well on the Kospi
Seoul’s main stock market edged up yesterday. The benchmark Kospi closed at 1,679.67, up 4.74 points, or 0.3 percent.The main bourse fluctuated throughout the session after Wall Street closed mixed on Tuesday. The Dow Jones industrial average slipped 0.1 percent, whereas the Nasdaq climbed 0.6 percent.
Chip makers were relatively strong on expectations that the weaker won would help exports and that the global semiconductor industry is recovering. Samsung Electronics advanced 0.3 percent to 612,000 won ($620). Hynix Semiconductor gained 2.1 percent to a three-month high.
“Hynix’s earnings will begin improving from the second quarter of this year, as dynamic random access memory chip prices are expected to rebound then,” said Kim Hyun-jeong, an analyst at Tong Yang Investment Bank.
Daewoo Shipbuilding and Marine Engineering, the world’s No. 3 shipbuilder, soared 10.8 percent. The Korea Development Bank, the shipbuilder’s main creditor, said yesterday it will choose a lead manager to sell its stake in the company.
Banking shares were weak on credit crunch concerns. Top lender Kookmin Bank fell 1.6 percent and No. 2 Shinhan Financial Group slid 0.4 percent.
Other blue chips were mixed. Posco climbed 0.4 percent after Yoon Seok-man, president of the world’s fourth-biggest steel maker, said the company plans to raise product prices, passing on higher coal and iron-ore costs to customers. Korea Electric Power Corporation shed 0.7 percent. Hyundai Motor also lost 1.5 percent.
Trade volume was thin at 270.1 million shares worth 4.7 trillion won. Losing shares outnumbered gainers, 455 to 329.
The secondary Kosdaq market ended nearly unchanged at 628.38, up 0.16 points or 0.03 percent. Volume was 520 million shares valued at 1.4 trillion won.
By Moon So-young Staff Reporter [symoon@joongang.co.kr]
with the Korea JoongAng Daily
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