Correction lasts one day as China’s market climbs

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Correction lasts one day as China’s market climbs

Seoul’s stock market climbed yesterday after a one-day correction. The benchmark Kospi closed at 1,600.6, up 11.23 points, or 0.7 percent.
Investor sentiment improved with a rebound in the Chinese stock market, analysts said. The Shanghai composite index rose 2.2 percent yesterday after tumbling 3.6 percent the previous day, arousing concern that bubbles might begin to burst in Asian markets.
Boosting the Seoul market, local shipbuilders resumed their rally. Samsung Heavy Industries, the world’s second-largest shipyard, jumped 3.7 percent after it said it won a $766 million contract to build six container vessels for a European shipowner.
Hyundai Heavy Industries, the world’s largest ship builder, gained 3.1 percent, and Daewoo Shipbuilding & Marine Engineering Co., the third biggest, rose 1.7 percent.
Meanwhile, Doosan Heavy Industries & Construction Co. climbed 2.6 percent, after it said it won a $1.2 billion order to build a power plant in India.
But curbing the rise of the main market, technology blue chip shares declined. Samsung Electronics Co. slid 0.5 percent, and Hynix Semiconductor lost 2.4 percent after U.S. chipmakers lost ground overnight. LG.Philips LCD and LG Electronics shed 1.2 percent each.
Lotte Shopping Co., the nation’s largest department store chain, slid 0.1 percent on a poor earnings outlook. Hyundai Department Store declined 1.8 percent.
About 411.6 million shares valued at 4.3 trillion won ($4.7 billion) changed hands on the main market. Gaining issues outnumbered losers, 435 to 334.
The secondary Kosdaq market also rebounded, ending a two-day drop. The index closed at 701.40, up 3.87 points, or 0.6 percent.
Trade volume was 554.6 million shares worth 1.6 trillion won. Advancing shares led decliners, 476 to 426.

By Moon So-young Staff Writer []
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