Market Bounces Back
May 05, 2011
The Korea Composite Stock Price Index gained 1.79 to 781.42. Volume was 21.2 million shares. Advancers outnumbered decliners 520 to 297, with 127 ending unchanged. Thirteen shares fell the maximum permitted while 158 issues rose by their permitted highs. Large blue chip issues led the morning advance. Overall the blue-chip issues fell, but some rose on bargain hunting. LG Electronics rose 300 won to 16,000 won. Daewoo Heavy Industries added 120 won to 6,250 won. In the afternoon session, however, the market failed to maintain its morning strength, shedding much of the gains. Samsung Electronics lost 1,000 won to 68,000 won. Pohang Iron & Steel dropped 400 won to 48,600 won. But Korea Mobile Telecom was higher at 569,000 won, up 10,000 won from the previous day, on bargain hunting. Small independent issues, backed by their own positive factors, maintained their recent strength. One of the positive factors was expectations of mergers and acquisition. Rami Cosmetics rose by its daily limit of 500 won to 10,300 won. Good business outlook also boosted share prices involved. Maxon Electronics gained 1,200 won to 36,600 won. Environment-related issues were also strong with Seondo Electric up by 1,000 won to 88,800 won. The mining trio, -- Jernigan, Daesung Resources and Youngpoong Industrial -- were particularly strong on news that the government will spend 2.5 trillion won to develop resort towns around their headquarters. Dongwon rose by its daily maximum of 3,200 won to 58,000 won, while Daesung Resources went up by its permitted maximum of 7,000 won to 126,000 won and Youngpoong Industrial rose 1,300 won to 48,600 won.
