Foreign buying pushes Kospi, Kosdaq upward

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Foreign buying pushes Kospi, Kosdaq upward

The Korean stock markets enjoyed a robust day thanks to substantial foreign buying of major shares. The benchmark Kospi index rose 17.75 points, or 1.3 percent, to close at 1,441.33.
“Positive data on the U.S. job market over the weekend eased concerns over a dip in the world’s largest economy and further weakening of the greenback,” said Ryu Yong-seok, an analyst at Hyundai Securities. “A recent recovery in flash memory chip prices pulled up chipmaker issues.”
Blue chips were strong, bolstered by tech shares. Samsung Electronics jumped 2.7 percent to 602,000 won ($638) on foreign bargain hunting, with its rival Hynix Semiconductor, up 1.7 percent.
Financial issues also sent the market higher. Top lender Kookmin Bank reversed losses from the previous session and surged 2.9 percent after cutting a deal with Japan’s Sumitomo Mitsui Banking Corp. to provide services for the two banks’ corporate clients.
Posco, the world’s No. 3 steelmaker, gained 2.8 percent, up for the second straight session after an announcement that Japan’s industry leader, Nippon Steel Corp., owns a 5 percent stake in the firm.
Shipbuilding shares enjoyed brisk trading following reports that local shipyards will likely clinch record earnings this year. The world’s No. 2 shipyard, Daewoo Shipbuilding and Marine Engineering Co., surged 4.1 percent.
U.S. stocks ended mixed on Friday as optimistic data on the nation’s job growth sent the key index higher, with the Dow Jones Industrial Average up 0.1 percent.
Advancers beat decliners 446 to 290. Volume was 239.6 million shares worth 2.9 trillion won.
The Kosdaq gained 6.21 points, or 1 percent, to close at 619.62.
NHN picked up 2.2 percent, Hanaro Telecom went up 4.3 percent, and Hana Tour soared 7.2 percent. Traded volume was 752.9 million shares for 1.9 trillion won. Advancers beat decliners 591 to 314.

By Yoo Jee-ho Staff Writer []
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