Kospi takes a lead from thriving global marketsKorean stock exchanges were bullish yesterday as retail investors gathered up shipping and machinery issues on expectations that the market will follow global growth, said analysts.
The main Kospi index finished at 1,657.91, rising 13.35 points, or 0.8 percent, to a new high.
“Investors seemed to receive a boost from rallies in other global markets, believing that the market will continue its recent bull run for the time being,” said Kim Hak-kyun, an analyst at Korea Investment & Securities.
Posco, the country’s leading steel maker, increased 4.6 percent to close at 442,500 won after analysts at Meritz Securities raised their six-month price estimate for the company by 31 percent to 510,000 won.
Shipping shares led the market to higher positions. Hanjin Shipping rose 1.4 percent, while No. 2 Hyundai Merchant Marine added 9.6 percent on improved outlooks for its profitability in the second quarter.
Dongyang Express Bus gained more than 9 percent. Glovis, the logistics arm of Hyundai Motor, rose 1 percent.
Tech giant Samsung Electronics finally fell below 550,000 won after hovering at company lows. Investors expected the blue chip to climb out of its current hole, but it went in the opposite direction, closing at 548,000 won, down 0.7 percent from last week. The proportion Samsung Electronics has in the Kospi in terms of aggregate value of listed stocks has also plummeted to under 10 percent.
Volume was moderate. More than 376.1 million shares worth 4.5 trillion won were exchanged with gainers outpacing losers, 557 to 229.
The junior Kosdaq closed at 729.16, adding 9.62 points, or 1.3 percent. Trading volume was moderate with 583 million shares worth 1.89 trillion won changing hands. Gainers outnumbered losers, 581 to 330.
By Hwang Young-jin Staff Writer [email@example.com]