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Investor demand for large caps lifts Kospi

Sept 25,2008
Korean stocks closed higher yesterday as investors picked up machinery, tech and other large caps, shrugging off a downswing in Wall Street’s overnight session.

Machinery and tech stocks drove the index higher. Top power generator producer Doosan Heavy Industries surged 4.78 percent to 94,300 ($81.68) won and chipmaking giant Samsung Electronics added 0.71 percent to close at 564,000 won.

Major brokerage firms were also among market gainers on eased financial woes. Mirae Asset and Securities jumped 4.98 percent to 105,500 won, while smaller Daishin Securities rose 4.23 percent to 18,500 won.

DC Chemical, Asia’s second-biggest polysilicon maker, surged 20,500 won, or 6.6 percent, to 332,500, the highest since Aug. 18, completing its first four-session gain since July.

Korea plans to spend 99.4 trillion won by 2013 on 22 industries including energy and technology, the Ministry of Knowledge Economy said on Sept. 22. Polysilicon is the most expensive component used in solar panels.

Daewoo International, a trading company, gained 750 won, or 2.4 percent, to 31,850, the highest since Aug. 29. Despite falling commodity prices, the company is expected to post “impressive’’ third-quarter operating profit, or sales minus the cost of goods sold and administrative expenses, driven partly by the won’s depreciation, Morgan Stanley said in a note.

Hite Holdings, which owns 49.7 percent of Jinro, declined 750 won, or 2.5 percent, to 29,000, after earlier falling by 4.5 percent. Jinro, Korea’s biggest maker of the traditional liquor called soju, may delay its listing because of stock market instability, a company spokesman said.

Hyundai Heavy Industries, the world’s biggest shipbuilder, added 5,000 won, or 1.8 percent, to 279,000, the highest since Aug. 1. The company said it plans to invest 101.7 billion won to build a factory that will produce wind-power generators in Korea to diversify its operations.

Lotte Shopping, Korea’s largest department store chain, fell 3,000 won, or 1.1 percent, to 279,500, a record low. Korea Investment and Securities cut its share-price estimate on Lotte by 21 percent to 333,000 won, citing its less-efficient operation of discount stores and slowing domestic spending. Yonhap, Bloomberg


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