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Electronic, bank shares send the markets higher

Jan 15,2007
Korean stocks opened the week on a high note, as foreign investors picked up electronics and bank shares.
The benchmark Kospi closed 2.59 points, or 0.2 percent, higher at 1,390.96. It was the index’s third straight session of gains.
“Although foreigners bought a large number of shares on the back of rises in U.S. stocks Friday, heavy program selling offset the gains,” said Kim Young-gak, an analyst at Hyundai Securities.
U.S. stocks rose Friday from a rebound in energy shares and strong retail sales data from last month. The Dow Jones Industrial Average rose 0.3 percent to reach a new high.
Electronics and bank shares here sent the market higher on otherwise a mixed day for blue chips. Tech giant Samsung Electronics rose 1.5 percent to 612,000 won ($652), and and top lender Kookmin Bank gained 2.5 percent.
Shipbuilders had a solid day following reports that their exports will reach an all-time high of $26 billion this year. Shares of Hyundai Heavy Industries, the world’s largest shipyard, rose 0.8 percent.
Refineries traded higher on a rebound in global oil prices Friday. SK Corp., the nation’s leading oil refiner, added 0.7 percent, but Korean Air lost 2.4 percent on the same news.
Construction shares continued to struggle, reeling from new government measures that will require them to reveal apartment construction costs. GS Engineering and Construction lost 4.5 percent, Hyundai Development fell 2.4 percent, and Daewoo Engineering and Construction dropped 3.9 percent.
Volume was 158.6 million shares worth 2.2 trillion won. Decliners edged out advancers 398 to 344.
The secondary Kosdaq picked up 0.46 points, or 0.1 percent, to close at 608.47.
Volume was 693.1 million shares for 1.8 trillion won. Decliners beat advancers 465 to 418.


by Yoo Jee-ho