Trade pact’s aura fades as stocks creep upward

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Trade pact’s aura fades as stocks creep upward

Seoul’s main stock market rose for the fourth straight trading session but only marginally yesterday, as the effect of a free trade agreement with the United States, which was announced Monday, weakened. The benchmark Kospi closed at 1,463.75, up 4.22 points, or 0.3 percent.
“Though the free trade agreement is a good factor on the Seoul stock markets, its effects will be reflected gradually in the long term,” said Cheon Dae-jung at the Daishin Economic Research Institute. “As for effects on investors’ sentiments, they have been already factored into the markets.”
Volume was moderate at 334.7 million shares worth 3.6 trillion won ($3.9 billion) yesterday. Decliners led advancers 394 to 379.
Technology shares led the gain. Samsung Electronics rose 1.4 percent to 574,000 won. Hynix Semiconductor rose 2.3 percent. Banks were also strong. No. 1 Kookmin Bank added 1.1 percent. The second-largest lender, Shinhan Financial Group, rose 1.9 percent.
Hyundai Motor slipped 0.4 percent on profit-taking from a 3.3 percent rise on Monday driven by expected benefits from the FTA.
Shipbuilders were strong on a bright industry outlook. Hyundai Heavy Industries, the world’s biggest shipbuilder, climbed 1.3 percent. Hyundai Mipo Dockyard, a Hyundai Heavy unit, added 1.7 percent. STX Shipbuilding Co. jumped 4.2 percent.
Home builders were weak after a bill aimed at cooling the housing market, including a ceiling on new condominium prices, passed the National Assembly on Monday. GS Engineering & Construction sank 3 percent. Daelim Industrial lost 3.1 percent. Hyundai Development dropped 0.4 percent.
The Kosdaq rose 3.44 points, or 0.5 percent, to 655.22. Volume was 713.6 million shares valued at 2 trillion won. Gainers nosed out losers 465 to 461. Blue chips were weak, with NHN declining 1.2 percent and LG Telecom shedding 0.9 percent.

By Moon So-young Staff Writer [symoon@joongang.co.kr]
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