Talks encourage Kospi; Kosdaq continues slide

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Talks encourage Kospi; Kosdaq continues slide

Seoul’s main stock market rose after negotiators in the six-party nuclear talks produced a draft accord, encouraging investors. The Kospi index climbed 4.15 points, or 0.3 percent, to close at 1,418.44.
Envoys from the two Koreas, the United States, Japan, China and Russia reached a draft agreement that promises energy assistance for the North in exchange for scaling back its nuclear program.
Hyundai Merchant Marine gained 3.3 percent on the news. The shipping company has a 36.9-percent stake in Hyundai Asan, which is leading inter-Korean economic cooperation projects.
Banking shares were strong. Kookmin Bank, the nation’s largest lender, rose 1 percent. Shinhan Financial Group, the second biggest, added 2.3 percent, and No. 3 Woori Finance Holdings gained 2.3 percent.
Samsung Electronics dropped 1.8 percent. Korea Electric Power Corp. fell 1.5 percent. Hynix Semiconductor rose 0.2 percent. Daewoo Engineering & Construction added 3.7 percent, after Morgan Stanley upgraded the builder.
Winners led losers 417 to 325. Volume was 214.9 million shares worth 2.8 trillion won ($3 billion).
The secondary Kosdaq closed down for a second day after fluctuations during the session. The index closed at 596.71, down 2.48 points, or 0.4 percent.
Dot-coms led the drop. NHN slid 2.2 percent, despite a good earnings report. Daum Communications also shed 2 percent. Neowiz lost 3.1 percent.
Firms related to inter-Korean cooperation surged. Vitzrotech Co., a power transmission equipment supplier to the state-run Korea Electric Power, soared by the daily limit of 15 percent, on expectations the South will supply power to the North. Romanson, a watchmaker at the Kaesong Industrial Complex, jumped 3.7 percent.
Volume was 592.3 million shares worth 1.7 trillion won. Losers led gainers 503 to 399.

By Moon So-young Staff Writer []
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