Wednesday January 9, 4:12 PM
Stocks - Korean Shares Close Higher - Jan 9, 2001
sg.biz.yahoo.com
SEOUL, Jan 9 Asia Pulse - Korean shares recovered lost ground Wednesday on the strength of positive prospects for the semiconductor sector.
The Korea Composite Stock Price Index [KOSPI], after starting the day on a subdued note at 732.38, fell to 729.34 at one point before making a solid comeback on the possibility that a deal will be struck between Hynix Semiconductor (KSE:00660) and US-based Micron Technology Inc.
The KOSPI ended trading at 751.61, a gain of 16.85 points compared to Tuesday's close.
Market analysts said that a deal between Hynix and Micron will further bolster semiconductor prices that have risen substantially in recent months, with a 128 megabit chip exceeding US$3 from around US$1 in November.
The upward climb was primarily sustained by retail investors who bought up 254 billion won worth of stocks more than they sold. Foreign and institutional investors respectively shed 37 billion won and 207 billion won worth of holdings as they moved to cash in gains made during the last 10 trading sessions.
By sector, textiles, steel and utilities lost ground, while electronics and financial shares rose by 4.50 per cent and 5 per cent respectively. Other winners were transportation equipment, construction, telecommunication and precision medical equipment issues.
Of the six largest companies in terms of aggregate value of listed stocks, Samsung Electronics (KSE:05930) added 3.53 per cent to 322,500 won per share, followed by Kookmin Bank (KSE:60000) and SK Telecom (KSE:17670), which gained 2.88 per cent and 0.57 per cent each.
Korea Electric Power Corp. (KSE:15760), Pohang Iron and Steel Co. (KSE:05490) and Korea Telecom (KSE:30200) lost between 0.21-1.18 per cent in value.
Besides the blue chip companies, Hynix rose to its daily limit high by shooting up 14.97 per cent to 3,225 won per issue. Hyundai Motor Co. (KSE:05380) and Hyundai Construction and Engineering Co. (KSE:00720) also made gains.
Reflecting the bullish mood, advancers defeated decliners 432 to 361 with 50 firms remaining unchanged.
Total volume stood at 937.18 shares on a turnaround of 4.90 trillion won.
The KOSDAQ index, meanwhile, moved up 0.80 points to end the day at 76.15. Foreign investors contributed to the rise, while retail and institutional investors engaged in profit taking. |
