Brokerages lead climb as Kospi regains groundSeoul’s main bourse shot up yesterday to regain the 1,770 mark for the first time since June 22. Institutional investors led the market. The Kospi climbed 27.75 points, or 1.6 percent, to end at 1,771.35.
“Heavy institutional buying pulled the market up,” said Soh Min-jae, an analyst at Korea Investment & Securities. “Brokerage shares chalked up strong gains backed by investors’ rosy prospects that the main index will trade higher in the coming days, as well as the capital market consolidation act.”
The bill on capital market deregulation passed the National Assembly’s legislation and judiciary committee yesterday, ensuring approval at this year’s plenary session. The law is expected to reduce barriers separating banking, securities and insurance businesses and unleash a wave of acquisitions in the financial industry.
Samsung Electronics, a global electronic gadget maker with top market value, lost 0.2 percent to 565,000 won ($613). The world’s second-largest computer memory chip maker, Hynix, added 0.2 percent, and LG.Philips LCD jumped 3.2 percent. No. 1 steelmaker Posco gained 3.3 percent, while SK Telecom retreated 1.9 percent.
Banking shares were mixed. While top lender Kookmin Bank edged up 0.5 percent, Woori Financial Group slid 0.4 percent. Shinhan Financial Group advanced 0.2 percent, and Korea Exchange Bank added 1.1 percent.
The world’s largest shipbuilder, Hyundai Heavy Industries, was up 1.9 percent, and its rival Samsung Heavy Industries shot up 5.1 percent.
Traded volume totaled 296.8 million shares worth 4.5 trillion won. Winning shares outnumbered losing shares, 526 to 231.
The junior Kosdaq advanced 5.92 points, or 0.8 percent, to 784.61. Total traded volume was 378.2 million shares valued at 1.6 trillion won, with winners beating losers 509 to 417.
By Seo Ji-eun Staff Writer [email@example.com]