Main Board Up 4% On Foreign Buying

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Main Board Up 4% On Foreign Buying

Seoul stocks ended sharply higher Wednesday, led by semiconductors. Foreign investors' heaviest buying in more than two months sent the main market above the 560-point mark.

The main board started strong after Wall Street's overnight gain and kept on going. "Investors' sentiment improved after major U.S. companies finished their quarterly earnings reports," an analyst at Daishin Securities Co. said. The Korea Composite Stock Price Index closed at 562.79, up 21.24 points, or 3.9 percent.

Foreign investors bought both on the spot and futures market. Retail and institutional investors took profits. Trade volume was 441 million shares, with a value of 1.92 trillion won ($1.48 billion).

Foreigners snapped up semiconductor stocks on optimism that chip prices will rise soon. Japan-based chipmaker NEC Corp. announced a memory chip production cut on Tuesday.

Samsung Electronics Co. jumped 4.5 percent to 198,000 won. Hynix Semiconductor Inc. soared 15 percent, the daily limit, to close at 1,580 won.

Other core blue chips were also strong. SK Telecom surged 7 percent to 203,000 won. Korea Telecom added 2.3 percent, finishing at 54,600 won. Sixteen shares hit the daily ceiling; three issues hit the downward limit. Advancing issues overwhelmed decliners 678 to 146.

The Kosdaq composite index climbed 2.35 points, or 3.5 percent, to close at 70.44. Trade volume was up to 443 million shares, with a value of 1.78 trillion won. Gaining issues overwhelmed losers 545 to 57. A total of 23 shares rose by the daily limit of 12 percent. Only one issue fell the limit.



by Moon So-young

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