Blue-Chip Buying Lifts Shares
April 01, 2011
The Korea Composite Stock Price Index rose 2.66 to 840.05 on volume of 15.2 million shares. Gainers led decliners 407 to 364, with 152 stocks unchanged. ``Blue chips, which have a big impact in the index's movement, gained ground in the day encouraged by expectations that the world semiconductor prices have reached a bottom,'' said Mabelle Cheong-Valdez, an analyst at Daewoo Securities. Samsung Electronics gained 2,500 won to 76,700; and Hyundai Motor climbed 500 won to 30,500. Seondo Electric was up 2,500 won to 70,000; and Chang Won Carburetor rose 2,300 won to 42,000. Hanbo Steel advanced 370 won to 6,660 after it obtained the largest stake in a Russian gas project. Ssangyong Motor was up 330 won to 5,940 on rumors that it may sell a local plant site to Samsung Group. Financial issues were mixed. Shinhan Bank gained 400 won to 14,900; Hyundai Securities was up 100 won to 18,600; Sam Sam Merchant Bank shed 400 won to 12,900; and LG Insurance fell 1,100 won to 85,900. In addition, mining companies declined because of profit-taking over recent gains, analysts said. Dongwon lost 3,100 won to 56,000; and Young Poong Mining & Construction dropped 800 won to 37,500.
