Seoul shares rise

Seoul shares ended up 0.7 percent on Friday as technology stocks including Samsung Electronics continued to rebound, while Hana Financial Group rallied on M&A hopes. The Korea Composite Stock Price Index (KOSPI) ended up 0.68 percent at 1,940.96 points.
"Upward momentum and market sentiment is solid on the latest positive global developments, including easing fears about Ireland," said Y.S. Rhoo, a market analyst at Hyundai Securities. "The market's upward momentum however will slow as it nears its earlier year high of around 1,970 points. Appetite to sell will be keen at that level," said Lee Sun-yeb, a market analyst at Shinhan Investment Corp.
A continued bounce in technology issues lent support to the market, with shares in Samsung Electronics, the world's No 1 memory chip maker, ending up 2.4 percent further buoyed by a firm 2 percent gain in the US Philadelphia index. Shares in Hynix Semiconductor, the world's No 2 memory chip maker, climbed 0.8 percent.
Hana Financial Group Inc gained for a fourth consecutive session, finishing up 3.9 percent on optimism over its possible purchase of Korea Exchange Bank (KEB). The country's fourth-biggest financial services group by assets is in talks to buy a $4.1 billion stake in KEB. The Maeil Business Newspaper reported on Friday that Hana was past the stage of discussing price for the KDB acquisition.
Shares in shipping firms declined, weighed by a 1 percent fall in the Baltic Dry Index, which tracks the cost of shipping key commodities. Shares in STX Pan Ocean declined 1.6 percent and Hanjin Shipping shed 1.2 percent. Shares in POSCO fell 2.6 percent after the company said it plans to invest 1.6 trillion won ($1.4 billion) tp build a new hot-rolled steel plant.
Elsewhere a stronger won boosted airlines on expectations it may help lower the cost of importing jet fuel, while stoking appetite for overseas tours. Shares in Korean Air Line, South Korea's top air carrier, advanced 2.9 percent. Asiana Airlines rose 4.2 percent. Foreign investors were buyers of a net 190.3 billion won worth of stocks, institutions were sellers of a net 6.7 billion won.
Trading volume was 286 million shares worth 6 trillion won, compared with average daily trading volume and turnover of 326.7 million shares worth 6.9 trillion won in October. The KOSPI 200 December futures index rose 1.7 points to 253.30. The KOSPI 200 spot index advanced 1.89 points to 253.04. The junior Kosdaq market rose 0.57 percent to 517.04.