Seoul shares rise to finish holiday-shortened week, builders rally

SEOUL Wed Jan 29, 2014 1:26am EST

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SEOUL Jan 29 (Reuters) - Seoul shares ended the holiday-shortened week on a high note Wednesday, as Turkey's substantial interest rate hikes eased fears about emerging market stability ahead of the Fed's policy meeting outcome.

Local stock markets will be closed on Thursday and Friday for the Lunar New Year holiday, and will reopen on Monday.

The Korea Composite Stock Price Index (KOSPI) closed up 1.3 percent at 1,941.15 points. The index was little- changed for the week, gaining a mere 0.03 percent.

Foreigners extended net selling to through the session, offloading a net 22 billion won ($20 million) worth of KOSPI shares. They offloaded nearly 1.15 trillion won worth of shares during the five-session selling streak.

Builders led broad market gains, lifted by Samsung Engineering Co Ltd and Daelim Industrial Co Ltd which jumped 6.7 percent and 6 percent, respectively.

($1 = 1081.1500 Korean won) (Reporting by Jungmin Jang; Editing by Eric Meijer)

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