S.Korea KOSPI closes up as foreign buyers ride to rescue again

* Offshore bids provide support, unfazed by Wall St
downturn, Greece delay
* Auto-related issues rally on FTA reports, sector rotation
* Woongjin Group solar affiliates climb

By Joonhee Yu
SEOUL, Feb 7 (Reuters) - Seoul shares edged up on
Tuesday after a rangebound trading session as technical pressure
was offset by steady offshore bids, with investors undeterred by
overnight Wall Street losses and setbacks in the struggle to
secure a Greek debt deal.
"Technical adjustments were seen today as investors
regulated their pace, but the rally isn't over. Foreign buying
is set to persist ahead of a second round of low-cost loan
injections by the European Central Bank and progress in U.S.
economic recovery," said Bae Sung-young, a market analyst at
Hyundai Securities.
Greek leaders face crunch talks to follow through on painful
reforms needed to prevent Athens from a chaotic default, but the
news had little bearing on the market with analysts saying the
anxiety has already been priced in.
The Korea Composite Stock Price Index (KOSPI) closed
0.43 percent higher at 1,981,59 points.
Foreign investors gobbled up a net 360 billion won ($321.2
million) worth of shares on the day, while retailers offloaded
259.6 billion won worth.
Institutional funds dumped shares for an 11th straight
session, selling 66.2 billion won worth of shares.
Gains were led by automobile-related shares with parts-maker
Hyundai Mobis soaring 4.97 percent while Hankook
Tire jumped 6.29 percent.
"Bargain-hunting investors rotated into undervalued sectors,
namely auto-related shares which have struggled in recent
sessions, while pulling out of issues such as LG Display that
made hefty gains over the same period," said Kim Jung-hoon, an
analyst at Korea Investment & Securities.
Sentiment on the automobile industry was further lifted
after local media reports cited a South Korean trade official as
saying the US-South Korea free trade agreement may be
implemented in early March, potentially boosting exports.
LG Display shares sagged 4.79 percent, easing
back after a five-week rally, while LG Electronics
dipped 2.36 percent after snapping an 11-day winning streak on
Monday.
Woongjin Holdings and Woongjin Energy
spiked up by their daily limit of 15 percent after
Woongjin Holdings said it was reviewing a possible sale of
subsidiary Woongjin Coway, with analysts saying the
deal would be crucial in providing funds for Woongjin's
burgeoning polysilicon business.
KT Corp, South Korea's second largest mobile
carrier, closed down 1.79 percent after posting a 16.7 percent
decline in fourth quarter profit compared to a year before. KT
shares fell as much as 2.4 percent earlier in the session,
touching their lowest level in more than three years.
533.9 million shares exchanged hands on the main bourse with
gainers outnumbering losers 449 to 395.
The KOSPI 200 rose 0.34 percent while the junior,
tech-heavy KOSDAQ gained 0.38 percent.

Move on day +0.43 percent
12-month high 2,231.47 27 April 2011
12-month low 1,644.11 26 Sept 2011
Change on yr +8.53 percent
All-time high 2,231.47 27 April 2011
All-time low 93.10 6 January 1981
($1 = 1120.850 Korean Won)

(Additional reporting by Seongwon Chang; Editing by Jonathan
Hopfner)