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S. Korean shares rebound on bargain hunting

11-24-2011 16:24 BJT

SEOUL, Nov. 24 (Xinhua) -- South Korean shares rebounded from earlier losses to end up 0.67 percent on Thursday as investors hunted for bargains after Wednesday's heavy falls, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 11. 96 points, or 0.67 percent, to close at 1,795.06. Trading volume stood at 275.64 million shares worth 4.08 trillion won (3.52 billion U.S. dollars).

The KOSPI took a weak start after news that Germany failed to find buyers for almost half of six billion euro in bond sales, but trimmed its initial losses on views that local stocks were undervalued after heavy falls the previous session.

"Europe risks still linger in the market, but investors snapped up shares as price merit came to the fore following yesterday's sharp declines," Lee Jae-man, an analyst at Dongyang Securities in Seoul, told Xinhua.

Lee noted that the failed German bond sale boosted expectations that European leaders would unveil measures to solve the region's debt crisis, pointing out growing hopes that leaders of Germany, France and Italy would discuss the introduction of eurobond at the summit slated for Thursday night.

Institutional buying led the stock recovery. Local institutions purchased a net 363.2 billion won worth of shares, and program- linked transactions posted net buying worth 151.6 billion won helped by non-arbitrage purchases by institutional investors.

Foreign investors, however, were net sellers, recording a sixth straight session of selling. Foreigners dumped a net 269.4 billion won worth of local stocks, sending their accumulated net selling over the past six sessions to more than 2 trillion won.

Telecom shares rallied on expectations for a boost in the fourth generation (4G) long term evolution (LTE) service. Top wireless carrier SK Telecom jumped 3.69 percent to end at 154,500 won, and its rival KT gained 3.23 percent to 36,700 won after the fixed-line operator received approval to stop offering its second generation (2G) service.

Large-cap shares ended bullish. Market bellwether Samsung Electronics rose 0.86 percent to 943,000 won, and memory chip giant Hynix Semiconductor gained 1.37 percent to 22,150 won. The nation's No. 1 steelmaker POSCO added 1.41 percent to 360,000 won, and top auto parts manufacturer Hyundai Mobis climbed 2.1 percent to 316,000 won.

In contrast, Hi-Mart, the nation's largest consumer electronics retailer, plunged over 12 percent on the fiercer dispute over management between its current chief and major shareholder. Hyundai Elevator tumbled more than 7 percent on news that the company suffered heavy losses in investments into financial derivatives.

The local currency finished at 1,158.5 won against the greenback, down 6.5 won from Wednesday's close.

Bond prices ended lower. The yield on the liquid three-year treasury notes rose 0.02 percentage point to 3.38 percent, and the return on the benchmark five-year government bonds added 0.01 percentage point to 3.50 percent.

Editor:Wang Xiaomei |Source: Xinhua

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