Seoul shares close higher on Dow's new record - UPDATE |
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Thu, 26 Apr 2007 08:04
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SEOUL (XFN-ASIA) - Share prices closed higher, recouping yesterday's modest losses, with sentiment lifted by the Dow Jones Industrial Average surpassing 13,000 points and several upbeat quarterly results from local companies, dealers said.IT stocks and banks rebounded sharply on rotational interest by foreign investors to replace ship builders and machinery stocks, with investors cheering solid first-quarter earnings by SK Telecom and Hynix, they added.The KOSPI index closed up 7.58 points or 0.49 pct at 1,553.13, after hitting a new record intra-day high of 1,565.03. The day's low was 1,553.99.'The Dow's new record high provided a strong boost here. The market is now looking upwards again,' Korea Investment & Securities analyst James Soh said.He noted that yesterday's first-quarter GDP data suggested that the economy is on a recovery track, with a solid improvement in corporate investment and private consumption.'Overall conditions are pretty positive, although fears of a tightening in China are a restraint,' he added.Trading was heavy, with 384 mln shares worth 5.1 trln won exchanging hands.Rises outnumbered falls by 406 to 363, with 73 shares unchanged.Institutions were net buyers of shares worth 1.6 bln won while foreign and retail investors were net sellers of 0.8 bln each.Samsung Electronics surged 16,000 won or 2.84 pct to 580,000 while Hynix stayed at 32,200.LG Philips LCD rallied 800 to 37,900 and LG Electronics soared 2,200 to 61,700.SK Telecom rose 3,000 to 191,500 and KT gained 350 to 40,650.Kookmin Bank jumped 3,200 or 3.94 pct to 84,400, with Shinhan up 1,400 at 53,500, Woori up 150 at 23,300, and Hana up 2,250 at 50,200.Hyundai Heavy slid 7,500 to 232,500 on profit taking and Daewoo Shipbuilding also eased 1,050 to 38,350. Samsung Heavy dropped 650 to 31,450. Doosan Heavy also retreated 2,100 to 77,800.POSCO gained 2,500 to 400,000 amid a report that its board members will meet today to discuss a proposal to exchange treasury shares with Hyundai Heavy to ward off a possible hostile takeover bid.Hyundai Motor declined 400 to 60,100.SK Corp fell 100 to 96,900 in turbulent trade due to a mistaken sell order.(1 usd = 929 won)eunkyung.seo@xinhuafinance.com
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Asian stocks close mostly higher, new records reached on modest gains 