Market Rings Up 4th Day of Gains

Share prices on Seoul's main stock market rose for the fourth straight day Thursday. The benchmark Korea Composite Stock Price Index gained 1.8 percent on program buying and bargain-hunting in late trading, analysts said.

The exchange added 10.64 points to close at 579.28, off a low of 568.09. Trading volume was heavy at 349 million shares valued at 1.51 trillion won ($1.2 billion).

Advancing issues overwhelmed decliners, 604 to 202, and 60 other stocks ended unchanged. Twenty-four shares jumped by the daily limit of 15 percent, while just two fell by that limit.

"Despite expectations of heavy program selling sparked by the expiration of futures and options contracts, sentiment was boosted by the overnight gains in the U.S. Nasdaq index," said an analyst at Daishin Securities Co. "In addition, a wave of program buying buoyed the index toward the closing."

Gains were seen across the board, led by key large-capitalization stocks. Samsung Electronics Co. inched up by a quarter of a percent to end at 200,500 won, and Pohang Iron & Steel Co. rose 1.61 percent to 101,000 won.

The Bank of Korea's announcement that it would leave its key short-term interest rate, the one-day call rate, unchanged for March did not affect the market It had been widely expected by investors.

Financial issues such as bank and brokerage shares stayed firm. H&CB was up 0.37 percent at 26,900 won, while its merger partner, Kookmin Bank, gained 1.71 percent to 17,800 won. Daewoo Securities Co. climbed 4.51 percent to 9,500 won.

The Kosdaq market was also higher, as all of the market's 30 largest stocks rallied. Its composite index went up 2.65 points, or 3.51 percent, to finish at 78.00. Volume was very heavy at 428 million shares worth 2.32 trillion won.

Daum Communications Corp., one of the nation's largest Internet portal sites, soared by the daily limit of 12 percent on speculation that it would merge with Yahoo! Korea, although the two firms denied the rumor.

by Kim Hyun-chul