SKorean shares close higher after choppy session; Hynix tumbles |
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Thu, 18 Oct 2007 07:24
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SEOUL (Thomson Financial) - South Korean shares closed higher after a choppy session Thursday, recouping yesterday's heavy losses to push the main index back up above 2,000 points as strong bargain-hunting by retail investors offset continued selling by foreign investors.The Nasdaq's solid gains overnight following upbeat quarterly results from Intel and Yahoo initially boosted sentiment, sending the main board KOSPI index above 2,010 points in the morning.The market then lost ground briefly because of a slump in Chinese stocks, but as institutional investors joined the buyers the market clawed its way back up.Hynix Semiconductor tumbled to its lowest level in nearly two years after posting weaker-than-expected quarterly results, although the news did no harm to broad investor sentiment towards other technology stocks.The KOSPI closed up 21.15 points or 1.1 percent at 2,005.09, after trading between 2,012.32 and 1,977.50.(1 US dollar = 917.8 won)eunkyung.seo@thomson.com.es/jm/ngCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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SKorean shares extend gains in midmorning trade on bargain-hunting 