Stocks Squeeze Out An Uneventful Gain

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Stocks Squeeze Out An Uneventful Gain

Seoul stocks inched up Thursday after fluctuating throughout the session. The Korea Composite Stock Price Index closed at 545.74, up 5.21 points, or 0.1 percent.

The main market started out bearish, reflecting Wall Street's overnight losses. Concerns on quarterly earnings reports from local companies and U.S. bellwethers dragged the composite index below the 540-point level at one point.

But program-based purchases, caused by a foreign-investors buying spree on the futures market, lifted the market. Foreigners sold on the spot market but bought on the futures market, after Alan Greenspan, the U.S. Federal Reserve Board chairman, suggested at least one more rate cut this year.

Some index heavyweight stocks, buoyed by the program buying, led the day's gain. Samsung Electronics added 5.7 percent, finishing at 177,000 won ($136). SK Telecom jumped 6.6 percent to 202,000 won.

But other key blue chips were weak. Pohang Iron & Steel Co. shed 2.6 percent, ending at 93,000 won. Hyundai Motor Co. plunged 5.7 percent to 24,900 won. Hynix Semiconductor Inc. tumbled 10.4 percent to 1,515 won, after the chipmaker reported a larger-than-expected loss for the second quarter.

Despite the composite index's rise, losing issues overwhelmed gainers 602 to 220, because most small and medium-cap shares were weak.

A total of 24 shares fell 15 percent, the daily limit, and twelve hit the 15 percent ceiling. Trade volume was 263 million shares, with a value of 1.17 trillion won.

The Kosdaq composite index squeezed out a marginal gain of 0.35 points, or 0.5 percent, to close at 68.38. Volume was 285 million shares; the daily turnover was 1.25 trillion won.

Declining issues outnumbered advancers 375 to 201. A total of 19 shares fell by the daily limit of 12 percent and 13 rose by that limit.

KT Freetel climbed 3.4 percent to 35,300 won. Leading dot-coms were strong. Serome Technology touched the daily ceiling. Daum Communi-cations and Haansoft gained 6 to 7 percent.



by Moon So-young

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