Market closes higher on ex-dividend day

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Market closes higher on ex-dividend day

Despite ex-dividend day, Korean stocks went up thanks to foreign buying on robust economic data from the United States.

Korean shares were ex-dividend yesterday, which means shares purchased will not count toward dividend calculation.

However, analysts attributed market activity to speculation the global economy will improve.

The Kospi was up 0.15 percent or 2.98 points to close at 2,002.28 yesterday. Institutional investors were busy offloading shares, but foreigners picked up more than 73.8 billion won ($70 million) in shares.

Samsung Electronics fell 0.85 percent to 1.396 million won, and LG Electronics gained 0.89 percent to 63,000 won.

Hyundai Motor Group affiliates were hot. Hyundai Motor rose 1.77 percent to 229,500 won, while Kia Motors advanced 1.08 percent to 55,900 won.

Hyundai Mobis, nation’s top auto parts maker, climbed 0.17 percent to 289,000 won.

The automotive group yesterday conducted its annual executive level reshuffle of 419 employees, which was 10.6 percent more than the previous year and focused on R&D.

Hanjin Shipping soared the daily limit of 15 percent after the company decided to sell some of its bulk carrier business to Hahn & Company for 300 billion won. Hanjin Shipping Holdings also jumped 14.97 percent to 5,300 won.

Hyundai Merchant Marine, the nation’s second-largest shipper, was up 2.73 percent to 11,300 won after the company said it will raise freight rates for the winter season.

Daewoo Shipbuilding & Marine Engineering gained 2.06 percent to 34,700 won after the company announced it won an order to build the world’s largest LNG floating storage and regasification unit for Japan’s Mitsui OSK Line.

No. 1 shipbuilder Hyundai Heavy Industries rose 0.39 percent to 256,000 won, while Samsung Heavy Industries was up 1.47 percent to 38,000 won.

Hyundai Engineering & Construction leaped 0.51 percent to 59,600 won. Korea’s largest builder yesterday announced it won $3.2 billion deal to build a plant in Uzbekistan along with its affiliate Hyundai Engineering.


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