Kospi closes up after gains in Japan s bourse
Korean stocks closed higher yesterday as investors snapped up tech shares like Hynix Semiconductor following firmer overseas markets. The benchmark Kospi advanced 10.8 points, or 0.6 percent, to 1,852.02.The Kospi reversed earlier losses in late trading, led by tech shares, after the Japanese market gained strength, said Park Suk-hyun, an analyst at Eugene Investment and Securities.
Park said the market seemed to have already factored in the April reading of the country s industrial output.
Korea s industrial output grew 10.5 percent in April, slightly up from 10 percent in March, but the index of leading indicators measuring the future economic situation fell for the fifth straight month, signaling a slowing economy.
The key stock index traded lower in early trading due to investors profit-taking, but it gained some ground with rises in Asian markets. Japan s benchmark Nikkei 225 Stock Average rose 1.5 percent.
Tech shares traded in positive territory, supporting the market s gains. Market leader Samsung Electronics advanced 1.5 percent to 741,000 won ($719).
Chip giant Hynix Semiconductor gained 3.7 percent.
The Ministry of Knowledge Economy on Thursday ruled that Hynix s plans to share chipmaking technology with Taiwan s ProMOS Technologies does not constitute a major threat to national security, according to a statement on its Web site.
Hyundai Heavy Industries, the world s largest shipyard, edged up 0.9 percent on a report that it has clinched a preliminary deal to buy CJ Investment and Securities and CJ Asset Management.
Hyundai Engineering and Construction gained 2.7 percent, after the nation s fourth-biggest builder said it signed an agreement valued at 2.2 trillion won with Mitsui of Japan to build a power plant in Qatar.
But steelmakers lost momentum with industry leader Posco falling 1.8 percent.
Top lender Kookmin Bank declined 1.7 percent, and Shinhan Finance Holdings lost 0.2 percent. Woori Finance Holdings gained 2.4 percent.
Volume was moderate at 281.9 million shares worth 6.1 trillion won with gainers outpacing losers, 500 to 307.
Yonhap
with the Korea JoongAng Daily
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