Shares Lackluster Despite U.S. Rise

Seoul's benchmark stock index rose for a third consecutive day Friday in mixed trading, helped by a four-day winning streak in the U.S. Nasdaq market.

The Korea Composite Stock Price Index added 1.89 points, or 0.4 percent, to 516.10, after seesawing between positive and negative territories throughout the session. As foreign investors took respite before the Easter holiday, trading volume slackened to 342 million shares valued at 1.3 trillion won ($982 million).

Advancing issues outstripped decliners 495 to 284, with 82 other stocks unchanged.

Leading the market higher, foreign investors snapped up shares worth 68.7 billion won, but they focused their buying on Samsung Electronics Co., which gained 1.3 percent to 203,000 won.

"As the index approaches the 520 resistance level, its direction will likely be determined by whether the Nasdaq index will break through 2,000 and semiconductor shares will maintain their strength," said Park Suk-hyun, an analyst at Kyobo Securities Co.

Limiting gains, Hyundai Heavy Industries Co. tumbled by the daily limit on reports that it and Hyundai Merchant Marine Co. promised to purchase a combined $1.2 billion worth of chip wafers from the U.S. chip-production unit of their affiliate, Hynix Semiconductor Inc., formerly known as Hyundai Electronics Industries Co., if Hynix is unable to buy the products.

The Nasdaq's strong gains did not boost the Kosdaq market much. Its composite index edged down 0.3 point, or 0.4 percent, to finish at 68.62 amid a lack of market-moving issues.

LG Telecom Co. put on 2.1 percent to 4,800 won, while Korea Telecom Freetel was off 0.1 percent at 39,600 won.

by Kim Hyun-chul