Korean shares post gains for fourth straight day

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Korean shares post gains for fourth straight day

Korean stocks closed higher for the fourth straight trading day yesterday, fueled by the overnight rise on the U.S. stock exchange.
Financial gains offset losses from tech and steel shares, analysts said. The benchmark Kospi index climbed 0.78 points, or less then 1 percent, to 1,444.17.
“Rather than blue chip stocks, smaller shares and Kosdaq shares are continuing the climb,” said Lee Un-taek at Daehan Investment Management Company Co. “Investors slowed their purchases later in the day after a short surge earlier. Shipbuilding, financials and information technology issues should be watched for a moderate incline.”
Financial shares traded in the black.
Kookmin Bank, the leading lender in Korea, advanced 1.5 percent, and financial service provider Shinhan Financial Group added 1.3 percent.
KT&G, the tobacco and ginseng giant, went up 0.7 percent after announcing plans for a production plant in Turkey.
Tech blue chip company Samsung Electronics fell 1.4 percent to 579,000 won ($615) while Hynix Semiconductor, the world’s No. 2 chip maker, lost 0.7 percent. LG.Philips LCD, the world’s second-largest liquid crystal display maker, rose 3.5 percent, supported by a bright outlook for the display industry.
Top steelmaker Posco shed almost 2 percent, and Hyundai Steel lost 2.9 percent. Korea’s top car maker, Hyundai Motor, fell 1 percent, and its smaller affiliate, Kia Motors, lost 0.4 percent.
Volume was 360.7 million shares worth 3.3 trillion won. Even with the increase, losers outpaced winners 372 to 367.
The tech heavy junior Kosdaq finished the session at 645.37 rising 1.48 points, or 0.23 percent.
More than 956 million shares worth 2.4 trillion won changed hands. Losers outnumbered winners 474 to 431.

By Hwang Young-jin Staff Writer [yhwang@joongang.co.kr]
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