Shares close up after a day of fluctuationsKorea’s main stock market rose 4.46 points, or 0.2 percent, yesterday to close at 1,859.79 after a day-long roller coaster ride. At one point, the index fell below the 1,800-point mark during trading hours. However, it rebounded after Citigroup said it will sell a $7.5 billion stake to the Abu Dhabi Investment Authority in the United Arab Emirates. Buying by institutional investors also pulled the index higher.
“We never saw these frequent ups and downs in the stock market before. At times like this, the best investment strategy for individual investors is to not buy shares and wait for the right time,” Oh Hyun-seok, an analyst at Samsung Securities, said.
With new allegations of a billion-dollar accounting fraud at Samsung Group, most Samsung-related shares plunged. Samsung Electronics, the nation’s No.1 blue chip by market value, fell 4.3 percent to 539,000 won ($579). Samsung Corporation, Samsung Heavy Industries and Samsung Card declined 2.1 percent, 0.5 percent and 2 percent, respectively.
However, some shares did well due to good news from Paris, France yesterday. After Yeosu won its bid to host the 2012 World Expo, Yeosu-related shares skyrocketed. Chemical maker Namhae Chemical and wire manufacturer DSR Wire both hit the daily ceiling of 15 percent. STX Group, a midsized Korean conglomerate, also rose by the daily limit of 15 percent.
Shipbuilding industries also rallied. The world’s largest shipbuilder, Hyundai Heavy Industries, added 4.6 percent, Doosan Heavy Industries & Construction gained 2.2 percent, and Hyundai Mipo Dockyard shot up 7.3 percent. Traded volume totaled 331.8 million shares worth 7.4 trillion won.
The secondary Kosdaq closed at 725.55, up 4.1 points, or 0.6 percent. Total traded volume was 491.1 million shares valued at 1.9 trillion won.
By Sung So-young Staff Reporter [email@example.com]