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Seoul shares rose on Wednesday led by techs and financials and helped by gains in US futures and on hopes for some positive comment from the US Fed later in the day. The Korea Composite Stock Price Index (KOSPI) ended up 2.94 percent at 1,338.42 points after volatile trade that saw the main index fall to as low as 1,299.98 at one point.
"Foreign investors' robust buying, fuelled by the Chrysler deal and on hopes the US Fed may give some positive comments after their rate meeting on Wednesday, really lent support," said Lee Sun-yeop, a market analyst at Goodmorning Shinhan Securities. Foreign investors were net buyers of 150.4 billion won worth of shares, heading for an eighth consecutive weekly buying net, which would be the longest streak of foreign net buying since March 2005.
Chrysler LLC's biggest lenders and the US government reached a breakthrough framework deal to cut the automaker's debt by $6.9 billion won on Tuesday. The US Fed's interest-rate setting Federal Open Market Committee is due to release a statement of its outlook for the world's largest economy and its policy prescriptions on Wednesday.
Sentiment was also supported by South Korean central bank data showing the country posted a record high seasonally adjusted current account surplus of $6.64 billion in March, compared with a revised $4.09 billion surplus in February. Banks led gains following their falls in recent sessions on expectations that an upcoming US bank stress test is not likely to negatively impact the sector in the longer-term, analysts said.
"From the South Korean bank sector's perspective, steps taken by US banks to address their capital shortage issues are seen as a preventative measure, regardless of whether capital raised comes through additional share issuance or through other measures," said Ku Yong-uk, an analyst at Daewoo Securities. KB Financial Group ended up 5.79 percent and Hana Financial Group advanced 4.0 percent.
Gains in technology issues, including Hynix Semiconductor and LG Elec, also helped lift the market. Hynix gained 4.29 percent, recouping some of Tuesday's 8.8 percent drop, and LG Elec rallied 4.0 percent. "The market's view of LG Elec has turned even more favourable following news about its plans to supply 3G mobile phones to China," said Yoon Hyuk-jin, an analyst at Shinyoung Securities.
LG Elec said on Tuesday it had been picked to supply 3G cell phones to all three carriers in China. Samsung SDI jumped 8.3 percent after three consecutive losing sessions on a growing view the display and battery maker had passed a bottom. Advancers led decliners 666 to 171, with 53 unchanged.
Trading volume stood at 591.3 million shares worth 5.58 trillion won, compared with 746.2 million shares worth 7.5 trillion won on Tuesday. The KOSPI 200 June futures index ended 5.10 points higher at 172.45, and the KOSPI 200 spot index rose 4.84 points to 172.08. The junior Kosdaq market rose 3.15 percent to end at 494.47 points.

Copyright Reuters, 2009

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