Listed Firms' Market Cap Up Sharply In Q2 On Stock Rally In S. Korea

(MENAFN- IANS) Seoul, July 7 (IANS) The combined market value of listed firms in South Korea increased sharply in the second quarter from three months earlier, driven by a rally in the country's stock market, a corporate tracker said on Monday.

The market capitalisation of 2,758 companies listed on the country's main and secondary markets came to a combined 2,856 trillion won (US$2.09 trillion) as of end-June, up 22.9 percent, or 532 trillion won, from the previous quarter, according to the Korea CXO Institute, reports Yonhap news agency.

A total of 2,066 firms, or 74.9 percent, saw their market cap rise over the cited period, while 599 companies, or 21.7 percent, posted declines. The remaining 93 firms, or 3.4 percent, either remained unchanged or were newly listed.

In the first quarter, in contrast, more than 60 percent of the listed firms had experienced a drop in their market cap.

The number of companies with a market capitalisation exceeding 1 trillion won came to 284 as of end-June, up 42 from three months earlier. Those with a valuation of over 10 trillion won rose to 55 from 43 over the same period.

By company, chipmaker SK hynix Inc. posted the biggest gain, with its market value jumping by 73.7 trillion won from 138.8 trillion won to 212.5 trillion won.

It was followed by major power plant builder Doosan Enerbility Co. with an on-quarter increase of 28.8 trillion won, HD Hyundai Heavy Industries Co. with 13.3 trillion won, and both Samsung Electronics Co. and SK Square Co. at 11.8 trillion won.

On the other hand, battery maker LG Energy Solution saw its market cap drop by 8.8 trillion won, with Meritz Financial Group Inc., LG Chem, POSCO Holdings and Samsung Biologics Co. also suffering declines.

The South Korean stock market has been on a sharp rally for about a month since the inauguration of new President Lee Jae Myung on June 3 following the impeachment and removal of former President Yoon Suk Yeol over insurrection charges.

On June 20, the benchmark Korea Composite Stock Price Index (KOSPI) topped the 3,000-point mark for the first time in more than three years, backed by investor optimism over policies under the new administration.

-IANS

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