Seoul Marts See Modest Upturn

Seoul stocks closed modestly higher Thursday, shrugging off the expiration of options and Wall Street's overnight drops. The Korea Composite Stock Price Index ended a two-day decline and rose 2.54 points, or 0.4 percent, to 581.38.

Trade volume hit 557 million shares. The daily turnover was 1.81 trillion won ($1.39 billion). Foreign and institutional investors sold, while retail investors bought.

Core blue chips were mixed. Samsung Electronics closed unchanged at 225,000 won; Korea Electric Power Corp. also ended at the previous day's level of 22,800 won.

Pohang Iron & Steel shed 2.2 percent to close at 96,000 won. SK Telecom declined 1.6 percent to 216,000 won. Korea Telecom added 2 percent, ending at 60,600 won. Hynix Semiconductor, formerly known as Hyundai Electronics Industries, climbed 4.3 percent to 4,100 won.

Daewoo Motor Sales Corp. soared by the daily limit of 15 percent again, to finish at 3,450 won, on the news that negotiations with General Motors Corp. to buy Daewoo Motor Co. are going smoothly. Parts suppliers to Daewoo also gained. Dongwon Metal Industries rose 3.4 percent and Sam Lip Precision Industrial added 1.6 percent.

A total of 35 shares touched the daily ceiling. No issues fell by the daily limit. Gaining shares led losers 504 to 267.

The Kosdaq composite index gained 1.82 points, or 2.3 percent, to close at 81.41.

Trade volume was 409 million shares, with a value of 2.61 trillion won. Retail investors continued to purchase. Foreign investors ended unloading their holdings and began to buy. A total of 44 issues jumped by the daily limit of 12 percent and only two hit the downward limit. Advancing shares overwhelmed decliners 412 to 124.

Index heavyweight telecommunication and dot com shares were generally strong. Korea Telecom Freetel rose 1 percent to 44,250 won. Serome Technology jumped 10.8 percent to 20,600 won. Daum Communications gained 2.8 percent, ending at 48,100 won. Haansoft climbed 3.3 percent to 6,230 won

by Moon So-young