After 1-Day Pause, Market Is Up Again

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After 1-Day Pause, Market Is Up Again

Seoul share prices turned higher Wednesday, following a correction the previous day, on program buying sparked by heavy foreign purchases on the futures market.

But gains were limited as foreign investors took a wait-and-see attitude and the U.S. Nasdaq futures index fell overnight, analysts said.

The Korea Composite Stock Price Index gained 4.61 points, or 0.7 percent, to 622.60, after moving between 625.80 and 616.56.

Trading volume was heavy at 526 million shares valued at 2.5 trillion won ($1.9 billion) but was sharply down from 789 million shares on Tuesday, due to the delisting of Daewoo Corp. and Daewoo Heavy Industries Co.

Advancers outstripped losers 576 to 238, with 48 other stocks un-changed. Sixty-four issues jumped by the daily limit of 15 percent, while four were down by that limit.

The Kosdaq market remained in negative territory for a second straight day. Its composite index shed 0.92 points, or 1.1 percent, to 82.86 on volume of 469 million shares worth 2.2 trillion won.

On the Korea Stock Exchange, construction issues led the day's gains, after the government announced measures to boost the sluggish sector.

Hyundai Engineering & Con-struction Co. soared by the daily limit to 830 won and LG Engineering & Construction Co. added 1.1 percent to 8,400 won.

Hankook Tire was also up by the limit to 3,190 won after Ford Motor Co., one of its customers, said it would recall 13 million tires made by Bridgestone/Firestone, a global tire manufacturer.

Among large-capitalized blue chips, Samsung Electronics Co. added 1.73 percent to 235,000 won and Pohang Iron & Steel Co. edged up 0.9 percent to end at 116,000 won. Hyundai Motor Co. put on 2.5 percent to 24,250 won.

Telecommunication issues closed lower on both stock markets.

SK Telecom slid 2.4 percent to 225,000 won and Korea Telecom Corp. was off 0.3 percent at 60,200 won.

On the Kosdaq market, KT Freetel dropped 2 percent to 43,950 won and LG Telecom Co. sank 2.5 percent to 6,660 won.



by Kim Hyun-chul

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