Seoul shares end 0.32 pct higher on foreign buying

By Kim Young-gyo
SEOUL, June 11 (Yonhap) -- South Korean stocks closed 0.32 percent higher
Thursday after fluctuations due to the expiration of futures and options,
analysts said. The local currency fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) advanced 4.51 points to
1,419.39. Volume was moderate at 478.3 million shares worth 6.88 trillion won
(US$5.51 billion), with gainers outpacing losers 433 to 361.
"The key index was volatile throughout the day, as uncertainty on the
quadruple-witching day triggered selling by investors," said Sung Jin-kyung, an
analyst at Daeshin Investment and Securities.
"However, the Seoul bourse managed to extend gains on foreign buying."
Quadruple-witching refers to the simultaneous expiration of stock index futures,
stock index options, stock options and single stock futures, which usually
results in price swings.
The Bank of Korea's decision to leave the nation's key borrowing rate unchanged
at 2 percent had little impact on the market as most players anticipated a
freeze, Sung said.
Steel and machinery shares added to the upward momentum. Top steelmaker POSCO
advanced 1.82 percent to 419,000 won and No. 1 power equipment manufacturer
Doosan Heavy Industries & Construction jumped 5.04 percent to 73,000 won.
Tech blue-chips ended mixed. Market leader Samsung Electronics Co. lost 0.34
percent to 585,000 won, while the world's second largest display maker LG Display
gained 0.64 percent to 31,550.
The local currency ended at 1,253 won against the U.S. dollar, down 6.3 won from
Wednesday's close, on expectations that the greenback will likely strengthen on
rising U.S. interest rates.
ygkim@yna.co.kr
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