SKorean technology shares close higher, led by Internet stocks

SKorean technology shares close higher, led by Internet stocks

	Published : Fri, 16 Nov 2007 08:56 By : Agencies Print this Story

SEOUL (Thomson Financial) - South Korean technology shares closed higher Friday after bargain-hunters returned to the market in late trade to pick up oversold Internet stocks.

Initial sentiment was hit by a further decline overnight on Wall Street as downbeat comments by JC Penney and Wells Fargo fanned worries about the US economy.

But the market managed to nudge up into positive territory in last-minute trading, with NHN, South Korea's largest Internet portal operator, surging more than 4 percent on institutional buying.

Retailer JC Penny reported a 9 percent drop in fiscal third-quarter profit on weak sales and downscaled its fourth-quarter outlook. Wells Fargo president and chief executive John Stumpf said the US housing market is seeing its steepest decline since the Great Depression.

The KOSDAQ index closed up 4.02 points or 0.5 percent at 755.29, after trading between 735.45 and 755.34. It ended the week with a 3 percent loss.

Volume traded reached 375 million shares worth 1.4 trillion won.

Decliners beat gainers 525 to 419, with 76 issues unchanged.

Institutions were net buyers of shares worth 21.9 billion won. Foreign investors were net sellers of 26.6 billion won worth and retail investors were net sellers of 2.4 billion won worth.

Among Internet stocks, NHN rose 9,900 won or 4.1 percent to 253,900 won, Daum Communications edged up 200 won or 0.3 percent to 71,900 won and Empas climbed 1,650 won or 4.2 percent to 40,900 won.

Kium.com Securities jumped 2,700 won or 3.7 percent to 76,500 won on market speculation that the online brokerage could be an attractive acquisition target for Kookmin Bank. The nation's largest lender earlier this week clinched a deal to buy a small local brokerage, Hannuri Investment & Securities, and announced plans to buy another.

Credu, an online education service provider, finished limit-up 16,900 won at 129,900 won, ending a five-session retreat.

Food processor Dongsuh moved up 50 won or 0.2 percent at 26,950 won because the stock is considered relatively safe from the US credit troubles.

(1 US dollar = 917.40 won)

saeromi.shin@thomson.com

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