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March 13, 2010
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| Korean stocks closed 0.37 percent higher yesterday, bolstered by steelmakers and shipbuilders, analysts said. The local currency rose sharply against the U.S. dollar. The benchmark Kospi gained 6.12 points to end at 1,662.74. Trading volume was moderate at 362 million shares worth 3.6 trillion won ($3.2 billion), with gainers outnumbering losers 480 to 301. The market traded in a tight range throughout the session but modest net buying by foreign producers helped the key index finish higher. “Investor caution over looming monetary tightening in China left the key index in a tight range after rises in consumer and housing prices there,” said Kwak Joong-bo, an analyst at Hana Daetoo Securities. “The market is expected to experience range-bound trading for some time as investors seek to grasp the index’s future direction after it surpassed a previous high of 1,640,” Kwak said. Shipbuilders and commodity shares led the market gain as investors bet that the sectors, which went mostly ignored in 2009’s rallies, may recover at a faster-than-expected pace. Top steelmaker Posco rose 0.54 percent to 558,000 won and smaller rival Dongkuk Steel Mill rose 3.73 percent to end at 23,650 won. Second-largest ship manufacturer Samsung Heavy Industries jumped 2.67 percent to 26,900 won. Top credit card issuer Samsung Card spiked 5.2 percent to 54,600 won a day after Samsung Life insurance, in which the card firm indirectly holds a stake, won approval to conduct an initial public offering to list its shares on the main Seoul bourse. Asiana Airlines, the nation’s second-largest air passenger carrier, plunged 12.53 percent to 3,700 won as Korea Development Bank, the main creditor of the financially troubled parent Kumho Asiana Group, was reported to be planning a capital reduction on the company. Hyundai Motor and Kia Motors, the top two auto producers, fell 3.57 percent and 3.21, respectively, to end at 108,000 won and 21,100 won. The local currency ended at 1,128.30 won to the U.S. dollar, up 5.30 won from Thursday’s close and the highest since Jan. 19, dealers said. Yonhap |
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