Seoul stocks gain for fourth straight session, hit 15-month high

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SEOUL, Sept. 18 (Yonhap) -- South Korean stock gained for a fourth consecutive
session Friday, hitting a 15-month high, as more foreign investors poured into
the market hoping to profit from its bull run, analysts said. The local currency
fell against the U.S. dollar
The benchmark Korea Composite Stock Price Index (KOSPI) climbed 4.24 points, or
0.24 percent, to end at 1,699.71, the highest since 1,717.66 in June 26 last
year. Volume was moderate at 492.6 million shares worth 8.57 trillion won (US$
7.1 billion), with gainers outnumbering losers 460 to 344.
"Purchases by foreign investors led the gain as their appetite for riskier assets
increased on better economic indicators in the United States," said Lee Jong-won,
an analyst at Etrade Financial Corp.
Foreign investors were net buyers for an eleventh day, scooping up 1.38 trillion
won worth of shares.
Some analysts warned that the recent rallies might be short-lived.
"The drastic increase in the foreign buying might indicate there have come more
foreign buyers who are seeking short-term benefits from weak a US dollar and
strong Korean won," said Lee Sun-yeop, a researcher at Shinhan Investment Corp.
Telecoms gained substantial ground on bargain hunting. SK Telecom, the country's
No. 1 mobile carrier, gained 0.87 percent to 174,500 won and its rival KT added
0.37 percent to end at 41,050 won.
NHN, the operator of South Korea's largest Internet portal, jumped 3.98 percent
to 170,000 won on upbeat outlook on its third quarter earnings.
The local currency finished at 1,207.8 won against the U.S. dollar, down 3 won
from Thursday's close, as offshore investors bought the greenback.
ygkim@yna.co.kr
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