Seoul shares close sharply higher at new record led by shipbuilders - UPDATE |
|
|
|
Published
:
Thu, 31 May 2007 08:18
|
SEOUL (XFN-ASIA) - Share prices closed sharply higher, with the main index at a new high above 1,700 points, after investors were encouraged by Wall Street's strong performance overnight and the outlook for the economy here, dealers said.The effect of news that the current account deficit widened last month to a size not seen in 10 years was offset by data showing strong output by the industrial and service sectors last month, dealers said.Attention focused on shipbuilders and construction companies during a broad-based rally on institutional window-dressing buying, with those stocks driven up by upbeat earnings outlooks, they said.The KOSPI index closed 38.19 points or 2.3 pct higher at a record 1,700.91, off a low of 1,677.78 and a high of 1,701.91.'It's really dizzying. The market is full of energy,' Daewoo Securities analyst Cho Jae-Hoon said.He noted that the market enjoyed record turnover and the ever-largest number of stocks hitting a record high for the year.'Sentiment is unusually strong and investors are looking at positive leads while ignoring negatives, a situation that drives a rally without a break,' he added.Trading was fairly active, with 492 mln shares worth 7.9 trln won exchanging hands.Rises overwhelmed falls by 584 to 206, with 66 shares unchanged.Institutions were net buyers of shares worth 221.8 bln won while foreign and retail investors were net sellers of 15.4 bln and 237 bln in shares, respectively.Hyundai Heavy surged 23,000 won or 7.82 pct to 317,000, Daewoo Shipbuilding soared 3,500 to 45,750 and Samsung Heavy gained 1,900 to 40,850.Doosan Heavy jumped 9,300 or 10.79 pct to 95,500.Daewoo Engineering & Construction jumped 1,100 to 28,250, Daelim Industrial surged 15,500 to 140,000 and GS Engineering & Construction rallied 10,000 to 123,500.POSCO rallied 17,000 to 446,000, with investors cheering its cost-cutting steel producing technologyShinsegae jumped 42,000 to 665,000 on its opening of a luxury goods outlet mall in a form of a joint venture with the US-based Chelsea. Lotte Shopping also rallied 16,000 to 386,000.Samsung Electronics rose 3,000 to 535,000 and Hynix gained 500 to 28,750.LG Philips LCD slid 150 to 38,450 and LG Electronics retreated 1,000 to 70,000.Kookmin Bank closed up 1,100 at 74,100, Shinhan up 2,300 at 57,300, Woori up 150 at 22,050.KEPCO added 250 to 40,850.Hyundai Motor stayed at 65,700.SK Telecom fell 500 to 202,000 while KT advanced 600 to 44,300.Hyundai Merchant Marine tumbled 7,500 to 47,500 after several days of limit-up rallies.(1 usd = 927.7 won)eunkyung.seo@xinhuafinance.com
|
|
|
|
Print this Story
Seoul shares close higher, builders in focus; index at fresh record 