Samsung still suffering, while index prospersIt’s a bull run on the stock markets with another fresh high set in yesterday’s session. Investors snapped up financial and construction issues, analysts said.
The main Kospi marked 1,662.72, adding 0.92 points, or 0.06 percent, from the previous day. News the Chinese government raised stock trade-related taxes weighed on the market, but a rise in the overnight U.S. markets and the fall in international oil prices helped. The Chinese market, earlier in the day, was pounded when the government announced that it will triple the tax on securities transactions to 0.3 percent.
It was another unhappy day for Samsung Electronics, which fell 0.9 percent to 532,000 won ($571). Hynix Semiconductor, the world’s leading chip manufacturer, lost 1.4 percent. LG.Philips, the flat panel display maker struggling to keep its global lead amid strong global competition, shed 0.4 percent.
Builders were the market leaders. Ilsung Construction rose by the daily limit of 15 percent for the second day. Namkwang Engineering and Construction and Shinsung Engineering and Construction also reached the limit.
The logistics firm Hyundai Merchant Marine kept up a 10-day winning streak. Transportation issues were strong. “Despite losses in the morning session prompted by fluctuations in the Chinese stock market, the main index managed to remain in positive terrain, boosted by retail investors’ massive bargain hunting,” said Kim Hak-kyun, an analyst at Korea Investment & Securities.
Volume was heavy with 481 million shares worth 6.4 trillion won traded. Winners outpaced losers, 428 to 356.
The junior Kosdaq finished up 0.78 points, or 0.1 percent, to 735.60 points for its seventh day of rises yesterday. More than 622 million shares worth 2.1 trillion won changed hands. Losing shares outnumbered winning shares, 520 to 422.
By Hwang Young-jin Staff Writer [firstname.lastname@example.org]