Market Inches Up Via Program Buys

Seoul's main stock market edged up Friday on program-based purchases. The Korea Composite Stock Price Index added 3.55 points, or 0.6 percent, to close at 599.08.

Foreign investors began to buy on the futures market, causing program purchases on the spot market, after Wall Street ended higher overnight, on growing expectation of an interest rate cut next week by the U.S. Federal Reserve.

Limiting the market's upward movement, index heavyweight chipmakers declined after the U.S.-based Micron Technology Inc. reported lower-than-expected quarterly earnings. Samsung Electronics Co. was down 2.3 percent to 193,500 won ($149). Hynix Semiconductor shed 3.2 percent, ending at 3,200 won.

On the other hand, telecommunication stocks were strong. SK Telecom rose 2.9 percent to 216,000 won. Because the mobile phone services provider is going to buy back a large number of its own shares next week, investors intended to take advantage of the buy-back plan, analysts said. Korea Telecom gained 3.8 percent, finishing at 54,200 won.

Pohang Iron & Steel Co. climbed 2.5 percent to 101,000 won. Korea Electric Power Corp. was up 0.7 percent to 22,150 won.

Trade volume was thin at 395 million shares. The daily turnover was 1.95 trillion won. Losing issues nosed out gainers 396 to 391. The Kosdaq market declined for a fifth day. The composite index closed at 78.6, down 0.22 points, or 0.3 percent. Trade volume was 328 million shares, valued at 1.49 trillion won.

Korea Telecom Freetel slipped 0.3 percent to 37,700 won. Serome Technology, Daum Communications and Haansoft shed between 2 and 3 percent.

Declining issues outnumbered advancers 356 to 213. Sixteen shares rose 12 percent, to touch the daily ceiling. Ten hit the downward limit.

by Moon So-young