Recovery of tech shares ends brief dip on Kospi

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Recovery of tech shares ends brief dip on Kospi

Korea’s main stock market rebounded yesterday after a one-session decline, led by Samsung Electronics and Posco. The Kospi ended up 7.58 points, or 0.5 percent, at 1,553.13.
“The earnings season factor boosted investor sentiment, strengthening expectations that the index will soon reach another record,” said Kim Young-gak, an analyst at Hyundai Securities.
Samsung Electronics jumped 2.8 percent to 580,000 won ($624). LG. Philips LCD added 2.2 percent on expectations that its second-quarter earnings will bounce back from a poor first quarter. The world’s No. 2 memory chip producer, Hynix Semiconductor, was flat. Top carmaker Hyundai Motor lost 0.7 percent, continuing a losing streak that began April 17.
Bank issues chalked up strong gains, reversing recent losses. Top lender Kookmin Bank gained 3.9 percent. Shinhan Financial Holdings advanced 2.7 percent. Woori Financial Group added 0.7 percent.
Hyundai Heavy Industries fell 3.1 percent, with other shipbuilding shares performing weakly. Doosan Heavy Industries lost 2.6 percent, Daewoo Shipbuilding and Marine Engineering dropped 2.7 percent and Samsung Heavy Industries was down 2.7 percent. Builders were sluggish, too. Daewoo Engineering and Construction declined 2.7 percent. GS Engineering and Construction, part of GS Group, plunged 4.4 percent.
SK Corp., the nation’s top oil refiner, lost 0.1 percent on news that its first-quarter profit fell 43 percent. Its trading affiliate SK Networks plunged 6.8 percent.
Traded volume was 384.2 million shares worth 5.1 trillion won. Advancing shares outnumbered decliners, 406 to 363.
The secondary Kosdaq edged down 1.73 points, or 0.3 percent, to 681.93. NHN, operator of top portal Naver, gained 2.2 percent.
Volume was 647.3 million shares worth 2.1 trillion won with losing shares beating winners, 555 to 347.

By Seo Ji-eun Staff Writer []
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