Tech share purchasing lifts Kospi by 20 pointsThe main Korean bourse soared yesterday on investors’ heavy purchases of tech shares.
The benchmark Kospi jumped 19.97 points, or 1.5 percent, to close at 1,383.06.
“Overnight rallies in U.S. markets and rises in other Asian equity markets helped improve investor sentiment,” said Park Seok-hyun, an analyst at Kyobo Securities. “The main bourse staged a technical rebound from recent falls.”
Blue chip shares enjoyed a robust day. Tech giant Samsung Electronics nudged up 0.8 percent to 601,000 won ($642). Rival LG Electronics turned positive later in the session, closing 0.6 percent higher.
Hynix Semiconductor added 3.4 percent. Moments before the market’s closing, the government announced it would allow the company to expand its production facilities in Cheongju, North Chungcheong province, but not in Icheon, Gyeonggi province, due to environmental concerns.
Top steelmaker Posco gained 4.5 percent on expectations that it may become a target of consolidation in the international steel industry. The company has gained over 66,000 won in market price since November.
Kia Motors advanced 2.7 percent, snapping a five-day losing streak thanks to foreign investors’ bargain hunting.
Mobile carrier SK Telecom shed 1.9 percent after its fourth-quarter net profit plunged 37.6 percent from a year earlier.
Korea Electric Power Corp. dropped 2.4 percent.
Volume was 188.7 million shares worth 2.6 trillion won. Advancers pounded decliners 587 to 186.
The secondary Kosdaq rose for the first time in seven trading days. It gained 9.23 points, or 1.6 percent, to close at 580.27.
Volume was 595.1 million shares for 1.6 trillion won. Advancers beat decliners 610 to 291.
By Yoo Jee-ho Staff Writer [email@example.com]