3d Day of Advance Gets Mart Near 600

Seoul share prices rose for the third consecutive day Monday, with the key index testing the 600-point mark on continued foreign buying.

The Korea Composite Stock Price Index gained 3.73 points, or 0.62 percent, to close at 599.20, off a low of 584.37. It rose to as high as 602.90 at one point during the session, but profit-taking pared some of the gains in the afternoon.

Trade volume dropped from Friday's level to 319 million shares valued at 1.9 trillion won ($1.5 billion). Advancing issues led losers 447 to 333, with 83 other issues unchanged. A total of 39 shares jumped by the daily 15 percent limit, while two issues fell by that limit.

"Despite the overnight fall on the U.S. Nasdaq market, investors hunted for bargains on expectation of a liquidity-driven rally," said an analyst at Daishin Securities Co.

Many pharmaceutical issues rallied, boosted by news that scientists had deciphered the human genome. Korea Green Cross Co. added 3.16 percent to 35,900 won, and Daewoong Pharmaceutical Co. put on 3.41 percent to 10,300 won.

Key large-capitalized issues were also higher to lead the day's advance. SK Telecom Co. was up 0.78 percent at 257,000 won, and Pohang Iron & Steel Co. rose 3.12 percent to 95,800 won.

In contrast, Samsung Electronics Co., the biggest on the Korea Stock Exchange, lost 2.46 percent to 198,500 won. Hyundai Electronics Industries Co. was off 0.41 percent to 4,830 won.

The Kosdaq market continued its own rally for a third day, helped by active retail buying. The Kosdaq composite index was up 2.38 points, or 2.94 percent, to finish at 83.11.

Gains were seen across the board except in construction shares.

Biotechnology issues staged a strong rally, as Macrogen, Daesung Microbiological Labs Co. and Easy Bio System Inc. rose by the daily limit of 12 percent on news of the unveiling of the human genetic map.

Large telecommunication shares and high-tech firms also ended higher to lead the market. Korea Telecom Freetel gained 1.67 percent to 48,800 won.

by Kim Hyun-chul