Main Index at 600 But Kosdaq Falls

Heavy purchasing by foreign investors sent the main stock market above the critical 600-point level Friday for the first time in three months.

The market fluctuated through the day, while a buying spree by foreign investors faced profit taking by retail and institutional investors.

Foreign investors purchased 225.4 billion won ($173.4 million) of shares, after Wall Street rose overnight for a second day and ahead of Saturday's adjustment of the Morgan Stanley Capital International indexes. Some analysts say the weighting of Korean firms will increase, leading international fund managers to increase their holdings.

The Korea Composite Stock Price Index closed at 600.54, up 4.15 points, or 0.7 percent. Trade volume was heavy at 595 million shares. The daily turnover was 2.54 trillion won.

Financial and construction issues were especially strong. Daewoo Securities gained 5.8 percent and Hanwha Securities rose 4.8 percent. Daelim Industrial jumped 11.2 percent.

Core blue chips were mixed. SK Telecom climbed 0.2 percent to 224,500 won. Pohang Iron & Steel added 1.8 percent, ending at 113,000 won. Samsung Electronics slipped 0.5 percent, finishing at 220,500 won. Korea Telecom was down 1.9 percent to 60,900 won. A total of 24 issues rose 15 percent, the daily limit, and two fell by that limit. Advancing issues outnumbered decliners 410 to 394.

The Kosdaq market ended Friday marginally lower after fluctuating through the session. The composite index slipped 0.29 points, or 0.4 percent, to close at 83.03. Trade volume was 426 million shares, valued at 2.42 trillion won.

Losing issues overwhelmed gainers 382 to 192. Twenty-four shares jumped by the daily limit of 12 percent and two hit the downward limit. Index-leading dot-coms led the market's downward movement. Daum Communications plunged 5.4 percent to 44,650 won. Serome Technology shed 5.2 percent, ending at 20,000 won. Haansoft slid 4.1 percent to 5,880 won.

by Moon So-young