Seoul stocks break through 1,700 mark

By Kim Young-gyo
SEOUL, Sept. 22 (Yonhap) -- South Korean stocks made strong gains Tuesday,
pushing the benchmark index past the 1,700 mark to its highest level in 15
months, as more foreign investors dived into the market, analysts said. The local
currency rose against the U.S. dollar.
The Korea Composite Stock Price Index (KOSPI) climbed 23.38 points, or 1.38
percent, to end at 1,718.88, the highest since 1,717.66 in June 26 last year.
Volume was moderate at 443.15 million shares worth 6.85 trillion won (US$ 5.69
billion), with gainers outnumbering losers 422 to 370.
Foreign investors bought a net 478.3-billion won worth of the Seoul shares during
Tuesday's session, becoming net buyers for a 13th day.
"Foreign demand for South Korean stocks remained intact through the recent
rallies on the Seoul bourse," said Kwak Joong-bo, an analyst at Hana Daetoo
Securities.
With the U.S. dollar's global downturn driving up appetites for non-dollar
assets, the KOSPI's promotion to a developed-market status on Monday by the
global index compiler FTSE also prompted inflows of foreign funds, Kwak said.
Overall market sentiment was boosted, with market bellwether Samsung Electronics
jumping 3.38 percent to 825,000 won and largest automaker Hyundai Motor soaring
5.16 percent to 112,000 won.
NHN, the operator of South Korea's largest Internet portal, gained 0.57 percent
to 176,000 won on upbeat outlook on its newly released online game.
The local currency finished at 1,203.8 won against the U.S. dollar, up 0.6 won
from Monday's close, as foreign investors snapped up local shares.
ygkim@yna.co.kr
(END)