The Korea Herald

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Seoul shares edge up on Wall Street rally

By KH디지털뉴스부공용

Published : March 6, 2013 - 15:53

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South Korean stocks rose 0.2 percent on Wednesday, tracking an overnight rally in U.S. markets spurred by heightening anticipation over an economic recovery, analysts said. The local currency gained against the U.S. dollar. 

The benchmark Korea Composite Stock Price Index (KOSPI) added

4.13 points to finish at 2,020.74. Trading volume was moderate at

391.4 million shares worth 4.03 trillion won (US$3.71 billion) with advancers outpacing decliners 414 to 381. 

"Despite the U.S. rally, the local bourse racked up a slight rise largely because domestic economic policies remain stalled due to a deadlock in government reorganization," said Lee Seung-woo, an analyst at KDB Daewoo Securities Co. 

But the uptrend of the KOSPI is at least a good sign that the Seoul stock market is moving in line with other overseas exchanges, Lee added. 

U.S. shares gathered ground on Tuesday, with the Dow Jones industrial average rising 0.89 percent to a record 14,253.77. 

Foreign and institutional investors propped up the main index via net buying worth 24.5 billion won and 63.2 billion won, respectively. 

Most shares finished bullish, led by gains in blue-chip issues.

Market bellwether Samsung Electronics climbed 0.65 percent to 1,560,000 won with No. 1 steelmaker POSCO rising 0.29 percent to 341,500 won. 

Hyundai Heavy Industries, the world's largest shipyard, and flat panel giant LG Display shot up 3.81 percent to 218,000 won and 3.68 percent to 31,000 won, respectively, on foreign buying. 

In contrast, automakers lost ground, erasing their recent gains. Industry leader Hyundai Motor fell 1.58 percent to 217,500 won and its auto parts-making arm Hyundai Mobis dropped 1.77 percent to 305,500 won. 

The local currency ended at 1,082.60 won against the greenback, up 4.4 won from Tuesday's close, as foreigners scooped up local equities, dealers said.(Yonhap News)