Both markets rise again on overnight U.S. gainsKorea’s main bourse advanced yesterday after three straight sessions of decline, led by overnight gains in U.S. markets. The Kospi climbed 11.06 points, or 0.7 percent, to 1,553.3.
“Taking a cue from overnight rallies in the U.S., retail investors seemed to rush to buy shares in shipping, airlines and other oil-sensitive industries,” said Kim Jung-hyun, an analyst at Goodmorning Shinhan Securities.
Stocks in the United States climbed Tuesday on improved corporate earnings and stable global oil prices. The Dow Jones industrial average was up 0.6 percent, and the Nasdaq was up 0.3 percent.
Technology bellwether Samsung Electronics added 0.2 percent to 575,000 won ($618), while its global chip competitor, Hynix Semiconductor, lost 0.2 percent. Display producer LG.Philips LCD edged up 1.6 percent.
The state-run utility Korea Electric Power jumped 3.4 percent on news that it won an order from Nigeria to rebuild the largest power plant in western Africa. SK, the energy arm of SK Group, gained 4.9 percent after a series of upbeat reports on its surprise first-quarter earnings and the group’s plan to form a holding company.
Steel and machinery shares were weak. Top steelmaker Posco lost 0.3 percent, and Hyundai Heavy Industries fell 1.7 percent. Doosan Heavy Industries and Construction lost 2.7 percent.
Traded volume was 3.6 trillion won valued at 269.4 million shares, with advancing shares crushing decliners, 488 to 271.
The secondary Kosdaq ended at 682.07 after adding 6.19 points, or 0.9 percent. The top seven stocks in terms of asset value including NHN, LG Telecom and Hanaro Telecom were all up. NHN, operator of the Naver portal site, added 1 percent.
A total of 558.4 million shares worth 1.7 trillion won were traded, with winning shares beating losers, 578 to 328.
By Seo Ji-eun Staff Writer [firstname.lastname@example.org]