Seoul shares posted a new closing high on Tuesday, buoyed by continued foreign buying and firm gains in shipyards such as Daewoo Shipbuilding & Marine Engineering. The Korea Composite Stock Price Index ended up 0.73 percent at 2,085.14 points, mere points away from the index's all-time high of 2,085.45 points. The KOSPI 200 March futures index rose 1.45 points to 276.70. The KOSPI 200 spot index went up 1.97 points to 275.78.
The junior Kosdaq market gained 0.64 percent to 521.35. US manufacturing grew at its fastest pace in seven months in December, extending a recent run of encouraging economic data and suggesting that expansion of the world's largest economy will accelerate in 2011..
Foreign investors were buyers of a net 507.8 billion won ($451.9 million) worth of stocks, picking up shares for a second consecutive session. But the index undoubtedly faces some sell-off risks at the current level, said Shinhan Investment Corp market analyst Lee Sun-yeb. The main KOSPI's 20-day relative strength index (RSI) reads 80.7, substantially above the overbought territory mark of 70 and indicating profit-taking moves may be ahead. Firm gains in shipyards added to upside momentum. Hyundai Heavy Industries Co Ltd, the world's No 1 shipbuilder, rose 3.8 percent. Daewoo Shipbuilding & Marine Engineering Co Ltd gained 2.5 percent.
Comments
Comments are closed for this article.