Technology shares fall despite Kospi record

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Technology shares fall despite Kospi record

Korea’s main Kospi surpassed 2,000 for the first time yesterday, after Moody’s raised the nation’s sovereign credit ratings one level to A2 for the first time in five years. The index closed at 2,004.22, up 11.96 points, or 0.6 percent.
“Despite earlier setbacks, the main index gained momentum thanks to strong buying by institutions and retail investors,” said Park Seok-hyun, an analyst at Kyobo Securities.
Despite the bullish market, technology bellwether Samsung Electronics was down 0.9 percent to 648,000 won ($798.26). No. 1 steelmaker Posco also edged down 0.2 percent.
Other IT shares were weak, too. Hynix Semiconductor, the world’s second-largest maker of computer memory chips, dropped 1.8 percent and LG.Philips LCD, a leading display producer, retreated 0.6 percent.
Shipbuilding shares showed mixed performance. The world’s largest shipbuilder, Hyundai Heavy Industries, advanced 3 percent, and Hyundai Mipo Dockyard, a private unit of Hyundai Heavy, gained 4.5 percent.
But Samsung Heavy Industries was down 0.4 percent, and Daewoo Shipbuilding and Marine Engineering dropped 1.1 percent.
Shares of Hanjin Heavy Industries & Construction, preparing to split into two companies, surged 14.9 percent to a record on expectations the measure will boost value.
While top lender Kookmin Bank lost 1.1 percent, No. 2 Shinhan Financial Group gained 1.9 percent to 66,200 won, and Woori Financial Group rose 0.4 percent to 25,200 won.
Total traded volume was 581.4 million shares valued at 8.5 trillion won, with advancers crushing decliners, 480 to 298.
The junior Kosdaq added 6.13 points, or 0.8 percent, to end at 819.6. Winning shares outnumbered losing shares, 488 to 442. Traded volume totaled 583.3 million won, worth 2 trillion won.

By Seo Ji-eun Staff Writer []
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