Shipping, banks, cars put Kospi near 1,400

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Shipping, banks, cars put Kospi near 1,400

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A computer monitor at the Korea Exchange indicates a 2.1 percent rise of the benchmark Kospi to 1,397.92 points yesterday. [YONHAP]

Korean stocks climbed 2.09 percent yesterday as investors scooped up bank shares amid better earnings and prospects for an economic recovery, analysts said. The benchmark Kospi advanced 28.56 points to a 2009 high of 1,397.92.

Automakers traded in positive territory, shrugging off a bankruptcy filing by U.S. automaker Chrysler LLC. Top carmaker Hyundai Motor climbed 0.58 percent to 68,900 won, and its affiliate Kia Motors inched up 0.89 percent to 11,350 won.

STX Pan Ocean, Korea’s biggest bulk carrier, added 5.2 percent to 12,100 won. Korea Line Corp., the second-biggest, climbed 2.9 percent to 78,200 won. Samchuly Bicycle Co., a Korean bicycle maker, gained by the daily limit of 15 percent to 16,650 won, a record high. Rival Very Good Leisure also rose by the limit to 8,720 won, while Kukdong Oil & Chemicals Co., which makes colored asphalt used for bicycle-only roads, advanced 15 percent to 18,650 won. The stocks rose after President Lee Myung-bak said the nation is seeking to boost the industry to become the world’s third-biggest bicycle manufacturer.

Digitech Systems Co., the Korean maker of mobile-phone touch panels, lost 1.9 percent to 25,800 won. Digitech Systems was cut to “sell” from “buy” at Citigroup Inc., which cited the stock’s “lofty” valuations. Doosan Infracore, the biggest Korean construction-equipment maker, climbed 6.4 percent to 19,150 won, the highest since Sept. 29. Doosan Infracore was raised to “buy” from “hold” at BNP Paribas SA, which said excavator sales in China will be “stronger-than-expected.”

Samsung Electronics declined 1.69 percent to 582,000 won, and tobacco and ginseng giant KT&G Corp. shed 2.55 percent to 68,800 won. Yonhap, Bloomberg



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