Steep climb continues on Kospi; Kosdaq slipsThe Seoul main stock market shot to yet another record high yesterday on heavy purchases by individual and foreign investors.
The benchmark Kospi surged 12.36 points, or 0.8 percent, to end at 1,557.65, posting double digit growth for three straight days.
Market bellwether Samsung Electronics, the world’s largest memory chipmaker, rose 0.2 percent to 571,000 won ($615). Other technology shares were mixed. Hynix Semiconductor, the world’s No. 2 memory chipmaker, slid 1.9 percent, and LG.Philips LCD gained 3.8 percent. SK Telecom, the nation’s biggest wireless operator, skidded 0.8 percent.
Posco, Korea’s largest steel producer, soared 3.2 percent as Korean institutions including Woori Bank considered helping the firm fend off a possible takeover bid.
Other steel shares also rallied on anticipation of first-quarter earnings. Hyundai Steel Company rose 2.4 percent, and Dongkuk Steel Mill climbed 3.4 percent.
Hyundai Heavy Industries, Korea’s largest heavy machinery maker, jumped 9.6 percent as analysts bet first-quarter profits of local ship manufacturers would improve. Doosan Heavy Industries & Construction rose 4.3 percent, and Samsung Heavy Industries leapt 9.2 percent.
Advancers beat decliners 391 to 361. Volume was 385.3 million shares, worth 5.4 trillion won.
The tech-laced Kosdaq inched down 0.41 points, or 0.1 percent, to close at 691.60, suggesting investors felt fatigued after two sessions of gains. Daum Communications, which will announce its first-quarter profit on May 2, rose 2.5 percent. Korea Investment & Securities forecast Daum’s first quarter profit would improve on brisk advertisement sales on its search engines and rising income from its online-only car insurance.
Total volume traded was 747.4 million shares, worth 2.2 trillion won. Losers outpaced gainers 583 to 331.
By Jung Ha-won Staff Writer [email@example.com]