Stocks Post Small Gain On Seoul Market Plans

Seoul stocks added marginal gains Friday. Investors continued to buy for the second consecutive day, encouraged by the Bank of Korea's key interest rate cut and the government's decision to put more public funds in stocks.

Investors, wary of weakness in the market's relatively strong performance, balked at making big purchases. Trade volume was up on the main market, but thin at 371 million shares valued at 2.17 trillion won ($1.71 billion).

Foreign investors stepped back into the fray after four day's of selling despite overnight skids on Wall Street. The Korea Composite Stock Price Index ended the day at 595.47, up 3.90 points, or 0.66 percent.

Thirty-nine shares jumped by the 15-percent limit. Four issues fell by that limit. Advancing issues led decliners 502 to 304.

Key blue chips were mixed. Samsung Electronics squeezed out a gain of 0.25 percent, ending at 203,500 won. Pohang Iron & Steel Co. rose 0.98 percent to 92,900 won. Korea Electric Power Corp. was up 0.78 percent to 25,800 won.

Debt beleaguered Hyundai Electronics declined 3.77 percent, ending at 4,850 won. SK Telecom was down 1.92 percent to 255,000 won. Korea Telecom lost 1.93 percent, finishing at 71,100 won.

The Kosdaq over-the-counter market climbed for the second consecutive day, crossing the 80-point mark. to closed at 80.73, up 0.93 points, or 1.17 percent.

Trade volume fell to 393 million shares. The value of traded stocks was 2.31 trillion won.

Gaining issues overwhelmed losers 371 to 193. A total of 57 issues jumped by the daily limit of 12 percent, whereas three shares fell by that limit.

Large-cap telecommunication and Internet stocks were mixed, with KT Freetel shedding 1.13 percent, ending at 48,000 won. KT M.Com climbed 3.57 percent to end the trading session at 11,600 won.

by Moon So-young