Kospi, Kosdaq continue rally from China crashSeoul stock markets yesterday continued erasing losses caused by the recent market rout stemming from China, buoyed by positive overnight performances in the United States and Europe. The benchmark Kospi rose 8.02 points, or 0.6 percent, to end at 1,410.95, up for two straight trading days.
Market bellwether Samsung Electronics inched up 0.2 percent to 570,000 won ($601), and Posco, Korea’s largest steel company, climbed 2.3 percent.
The Dow Jones Industrial Average and Britain’s FTSE100 index both gained 1.3 percent as the dust settles over the downturn.
Kookmin Bank, the nation’s top lender, rose 1.1 percent after the bank announced a big plan to drastically lower various banking service fees. The number two Shinhan Financial Group also surged 4.7 percent. Woori Finance Holdings inched up 0.2 percent a day after the firm designated former Vice Finance Minister Bahk Byong-won as its new chairman.
Hyundai Heavy Industries, the nation’s top heavy industry equipment maker, gained 1.9 percent after the firm announced it had developed a new underground oil storage pump.
The state-controlled Industrial Bank of Korea gained 2.2 percent after the government extended the tenure of the bank’s current head, Kang Kwon-seok.
Trading volume was 245.6 million shares, worth 3.1 trillion won. Gainers led losers, 405 to 345.
The Kosdaq also rose 4.23 points, or 0.7 percent, to end at 606.19.
Daum Communications, the operator of the nation’s second-largest Internet portal, rose 5.2 percent after Deustche Bank raised its target share price on Daum, predicting growth for the firm’s new Internet media business, especially centered on user-created content.
Trading volume was 688.3 million shares, worth 2 trillion won. Advancers outpaced decliners 464 to 427.
By Jung Ha-won Staff Writer [firstname.lastname@example.org]