Shipbuilders, tech lead Kospi past 1,100
The Kospi electronic board at the Korea Exchange office in Yeouido, Seoul, shows the market close at 1,105.05.[YONHAP]
The market closed at 1,105.05 yesterday enjoying a 76.92 point surge. This is the first time in a month that the main board has recovered above the 1,100 mark.
Steep gains caused the Korea Exchange, the bourse operator, to suspend program trading for five minutes in early trading after the main index futures prices rose more than 5 percent. It was the 24th such emergency break this year.
Most shares traded in positive territory, led by shipbuilders, tech and machinery shares.
Top shipyard Hyundai Heavy Industries jumped the daily limit of 15 percent to 175,500 won ($121.27) and its rival Daewoo Shipbuilding and Marine Engineering advanced 9.97 percent to 18,200 won.
Market leader Samsung Electronics soared 8.67 percent to 464,000 won, and top power equipment maker Doosan Heavy Industries and Construction rose 14.89 percent to 65,600 won.
Hyundai Heavy Industries Co., the world’s biggest shipbuilder, gained 22,500 won, or 15 percent, to 175,500, the highest since Nov. 10.
Samsung Heavy Industries Co., the world’s second-largest shipbuilder, rose 2,900 won, or 14 percent, to 23,250, the highest since Oct. 15.
Kangwon Land Inc., which runs the nation’s only casino open to locals, rose 1,800 won, or 15 percent, to 13,950, the most since Oct. 25, 2001.
The local currency closed at 1,448.3 won to the dollar, up 27.2 won from Friday’s close, as offshore investors snapped up local stocks, dealers said. Yonhap, Bloomberg
with the Korea JoongAng Daily
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