Samsung’s biggest jump in 7 months lifts Kospi

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Samsung’s biggest jump in 7 months lifts Kospi

Seoul’s main market continued a five-day winning streak yesterday. The Kospi swung up 19.66 points, or 1.3 percent, to 1,483.41, the highest close since Feb. 26.
“Overnight rallies in U.S. stocks pushed up the local bourse, with foreign investors going on a buying spree,” said Han Yo-seop, an analyst at Daewoo Securities.
Foreign buying focused on Samsung Electronics, which jumped 3.6 percent to 595,000 won ($635.48), the biggest rise in more than seven months for Korea’s biggest exporter, on the heels of a rise in sales to the United States, and on speculation that profit will increase on stable chip prices.
Hynix Semiconductor added 2.1 percent, LG.Philips LCD gained 1.8 percent, and LG Electronics went up 0.6 percent.
Securities shares also rose. Top broker Samsung Securities jumped 4.3 percent; Daewoo Securities advanced 5.2 percent; Woori Investment, 3.3 percent; and Mirae Asset Securities, 4.4 percent. Builders were strong on a consensus that they were undervalued.
Advancers led decliners 460 to 305. Trade volume was 347.3 million shares worth 4.5 trillion won.
The state-run electric monopoly Kepco gained 2.1 percent, and Korean Air added 3.3 percent. Automakers were weak. Hyundai Motor lost 1.2 percent. Its affiliate, Kia Motors, shed 2.2 percent.
The junior Kosdaq also gained for the fifth consecutive trading session, climbing 5.59 points, or 0.9 percent, to close at 660.81.
NHN renewed a record high by adding 3.1 percent. Most Internet shares were strong, with Daum adding 1.8 percent, Neowiz going up 0.2 percent, and Interpark rising 0.2 percent. CJ Internet, however, fell 2.2 percent.
Shinsegae Food (3.1 percent) and CJ Food System (2.6 percent) continued to rise on anticipation they would gain from the U.S. FTA.
Winners beat losers 538 to 373. Trade volume was 831.9 million shares worth 2.1 trillion won.

By Wohn Dong-hee Staff Writer []
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