Kospi closes high on promise of U.S. rescue
The electric board of the Korea Exchange in Yeouido, western Seoul, indicates that the Kospi climbed to close above 1,200 points. [YONHAP]
The benchmark Kospi soared 32.38 points to 1,210.26. Volume was heavy at 549.9 million shares worth 5.35 trillion won ($3.87 billion), with winners outpacing losers 603 to 226.
Market bellwether Samsung Electronics led the overall gain, surging 4.6 percent to 545,000 won, on massive foreign buying as optimism grew on an approximately $900 billion economic stimulus plan, now awaiting U.S. Senate approval.
“Foreign investors scooped up IT shares on expectations world-leading local tech firms will turn more competitive in the post-crisis market,” said Choe Chang-ho, an analyst at Goodmorning Shinhan Securities.
Consumer electronics maker LG Electronics also rose 3 percent.
Steel makers and shipbuilders surged as China’s Cabinet approved measures to boost the world’s third-largest economy earlier this week.
Steel behemoth Posco jumped 5 percent, with the world’s third-largest shipyard Daewoo Shipbuilding and Marine Engineering spiking 11.1 percent.
Hyundai Motor and its affiliate Kia Motors closed up 3.3 percent and 3.2 percent each following their stellar January sales in the U.S. market.
STX Pan Ocean, Korea’s biggest bulk carrier, added 4.9 percent and Korea Line, the second-biggest, rose 2.1 percent.
The Baltic Dry Index, a measure of shipping costs for commodities, surged 14 percent on Thursday, rising for a 13th day. The gauge tumbled 92 percent in 2008.
Yonhap, Bloomberg
with the Korea JoongAng Daily
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