코스피, 1800 안착

Stock index regains 1,800 level, highest since June 2008

 

 

The benchmark Korea Composite Stock Price Index on Friday rose above the psychologically-significant 1,800-points for the first time in more than two years.

 

The KOSPI closed at 1,802.58, up 18.22 percent or 1.02 percent from Thursday.

The last time the KOSPI closed at higher than 1,800 points was June 9, 2008 when the index closed at 1,808.96 points.

 

 

Friday’s rally was seen to have been mostly fueled by foreign and institutional investors who went on a buying spree to push up the index to 1,808.18 points during trading.

Eased concerns about the economy also appeared to have contributed to the KOSPI’s rise.

 

Advancers outnumbered decliners 550 to 269, while the number of issues remained flat.

Trading volume was 335.3 million shares worth 5.5 trillion won, compared with 361.8 million shares worth 6 trillion won in the previous session.

 

 

“Market sentiment has been swayed by woes over domestic issues this week, such as the interest rate decision meeting. But such jitters abated,” said Kim Hyoung-ryoul, an analyst at NH Investment & Securities Co. “Small and medium cap stocks that have been weighed down by the industry recession, such as refiners and brokerages, lent support to the key index.”

 

In the United States, a lower-than-expected jobless figures and strong U.S. trade data assured investors here of the global recovery, analysts said.

 

 

South Korean investors have been concerned of a possible double-dip in the global economy amid stagnant economic data, although the local economy has fared better.

 

Foreign investors switched to net buying after two straight sessions of net selling, adding a net 539.5 billion won worth of local stocks.

 

 

Blue chip tech also helped propel the rise, analysts said.

Market heavyweight Samsung Electronics rose 1.32 percent to 766,000 won and chip giant Hynix Semiconductor added 1.72 percent to 20,650 won.

 

Bank issues also gained ground as relief about the European banking sector boosted sentiment. No. 5 lender Korea Exchange Bank spiked 4 percent to 13,000 won and state-run Industrial Bank of Korea was up 3.96 percent to 14,450 won.

 

 

Oil refiners staged a rally on expectations for eased supply glut. Leading refiner SK Energy gained 5.75 percent to 138,000 won and its smaller rival S-Oil jumped 5.7 percent to 68,600 won.

 

The local currency closed at 1,165.7 won to the greenback, up 1.7 won from Thursday‘s close, on renewed appetite for risk, dealers said.