U.S. Gains, Bank Merger Pact Lift Shares in Thursday Trade

A buying spree by foreign investors buoyed Seoul stocks Thursday. (See the stock transaction table on Page 6.)

After the U.S. Nasdaq market's gain and a merger agreement between Kookmin Bank and H&CB the previous night, the Korea Composite Stock Price Index climbed 6.68 points, or 1.3 percent, to 514.21, shrugging off program-based selling following the expiration of options the same day.

Trade volume hit 489 million shares, valued at 1.74 trillion won ($1.3 billion). Foreign investors purchased shares worth 420 billion won, while institutional and retail investors took profits. Gaining issues led losers 494 to 293. Twenty-one shares rose by the daily limit of 15 percent and eight fell the limit.

Kookmin Bank squeezed out a gain of 0.4 percent, ending at 13,500 won, while H&CB added 4.2 percent, to close at 22,250 won.

Large semiconductor shares were stellar. Samsung Electronics soared 7.8 percent to 200,500 won. Hynix Semiconductor, formerly Hyundai Electronics Industries, rose 2 percent to 2,620 won. The Kosdaq market also ended higher. The composite index gained 1.14 points, or 1.7 percent, to close at 68.32.

by Moon So-young