Lackluster Day On Seoul Marts

Share prices on the Seoul stock market ended mixed Wednesday, with the key index up 0.08 percent on foreign and local institutional buying, analysts said.

The Korea Composite Stock Price Index rose half a point to close at 578.10, off a high of 581.44. Trading volume shrank to 349 million shares valued at 1.57 trillion won ($1.25 billion).

But losers led gainers 430 to 361, with 74 other stocks unchanged. Eight shares fell by the daily 15-percent limit, while 40 jumped by that limit.

"Investors stayed on the sidelines, looking ahead nervously to a possible interest rate cut by the U.S. Federal Reserve Board," said an analyst at Daishin Securities Co.

The index opened lower because of the U.S. Nasdaq's decline overnight, but losses were limited by steady buying from domestic institutional investors.

Then the index teetered between positive and negative territory throughout the day and finished almost unchanged

Large semiconductor issues ended lower to weigh down the index. Samsung Electronics Co. lost 1.32 percent to 187,000 won, and Hyundai Electronics Industries Co. shed 2.09 percent to 3,750 won, the lowest level this year.

Other key blue chips rose to help limit the day's losses.

SK Telecom Co. added 2.16 percent to 212,500 won, and Pohang Iron & Steel Co. was up 1.51 percent at 101,000 won.

Bank shares also rose, as foreign investors hunted for bargains in the sector amid expectations about possible mergers. Hana Bank added 6.85 percent to 7,800 won. Shinhan Bank edged up 0.71 percent to finish at 14,100 won.

The Kosdaq market extended its losses amid a lack of market-leading issues. The Kosdaq composite index sank 1.36 points, or 1.74 percent, to 76.76.

Volume was heavy at 325 million shares worth 1.54 trillion won.

Large telecommunication and Internet issues were weaker to drag down the index.

KT Freetel dropped 2.39 percent to 38,800 won, and Internet Auction lost 1.97 percent to 24,850 won.

by Kim Hyun-chul