Record-high Dow helps Kospi hit 9-month high

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Record-high Dow helps Kospi hit 9-month high

Korean stocks hit a nine-month high and extended their winning streak to three days as foreigners grabbed finance shares in line with overnight surges on Wall Street. The benchmark Kospi gained 7.53 points, or 0.5 percent, to close at 1,443.63. It was the measure’s highest close since May 12, 2006.
“Investor sentiment was boosted by overnight U.S. stock rises,” said Kim Joong-hyun, an analyst at Goodmorning Shinhan Securities. “Foreigners bought finance issues heavily, but institutional selling of those shares limited further rises.”
U.S. shares gained Wednesday on prospects for the easing of inflationary pressure. The Dow Jones Industrial Average gained 0.7 percent to hit a record high.
Korean blue chips were solid, with financial issues leading the charge.
Top lender Kookmin Bank rose 3.9 percent, Shinhan Financial Group advanced 2.4 percent, and Hana Financial Group rose 3.9 percent. Korea Exchange Bank gained 3.3 percent, leaving Woori Financial Group, which stayed on par, as the only one of the top five financial companies not to rise.
Thanks to the overnight rise in U.S. tech shares, Samsung Electronics rose 1.2 percent to 574,000 won ($614). Hynix Semiconductor rose 0.6 percent, and LG Philips LCD nudged up 0.3 percent.
Steel shares also helped with the market’s gains, as Posco rose 1.9 percent, and Dongguk Steel picked up 0.7 percent.
Shipbuilders lost ground with Hyundai Heavy Industries, the world’s No. 1 shipyard, falling 1.3 percent.
Advancers edged out decliners 371 to 370. Volume was 210.1 million shares for 3.4 trillion won.
The secondary Kosdaq picked up 1.39 points, or 0.2 percent, to close at 604.17. NHN rose 3.2 percent, LG Telecom 0.9 percent, and Asiana Airlines 0.3 percent.
Decliners beat advancers 485 to 417. Volume was 590.1 million shares worth 1.9 trillion won.

By Yoo Jee-ho Staff Writer []
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