[MARKET]Korean blue chips follow rising American markets
Following the overnight surge on the U.S. stock market, Korea’s benchmark Kospi gained 2.4 percent yesterday.The index advanced 39.94 points closing at 1,742.19. Tuesday, the Dow Jones industrial average jumped 3.2 percent to 12,654.36 points.
A solid majority of the nation’s blue chips went up with Samsung Electronics gaining 3.9 percent to 661,000 won ($678.20).
Posco, Asia’s No. 3 steelmaker, rose 2.2 percent, while Hyundai Heavy Industries, the world’s largest shipbuilder, added 1.4 percent.
Korea Electric Power Corporation marched up 6.3 percent, as Hyundai Motor rose 3.3 percent.
Financial companies also boosted the market upward.
Shinhan Financial Holdings, the nation’s largest financial group by market value, jumped 6 percent, and Kookmin Bank, the nation’s largest lender, surged 11.1 percent.
Woori Financial Group and Hana Financial Group rose 8.4 percent and 11.4 percent, respectively. Industrial Bank of Korea advanced 9.6 percent.
Mirae Asset Securities went up 8.5 percent, while Samsung Securities and Daewoo Securities rose 6.7 percent and 4.2 percent, respectively.
Construction companies climbed as well. Hyundai Engineering and Construction rose 2.9 percent, and GS Engineering and Construction rose 0.4 percent. Daewoo Engineering and Construction went up 1.6 percent.
Telecoms were split. Top mobile carrier SK Telecom lost 1 percent, and the No. 2 mobile service provider, KTF, slid 0.4 percent. Fixed-line Internet and telephone operator KT went up 1.4 percent.
Machinery stocks, however, lost ground on profit taking. Top power generator maker Doosan Heavy Industries slid 1.95 percent to 125,500 won.
Trade volume was 322.4 million shares, valued at 7.2 trillion won. Winning shares outnumbered losers, 468 to 342.
By Moon Gwang-lip Staff Reporter[joe@joongang.co.kr]
with the Korea JoongAng Daily
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