Seoul shares edge up to 2-wk closing high, Hyundai Merchant jumps

Wed Feb 12, 2014 1:14am EST

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SEOUL Feb 12 (Reuters) - Seoul shares edged up to a two-week closing high on Wednesday as risk sentiment improved on remarks by U.S. Federal Reserve chief Janet Yellen and on Chinese trade data, but investor caution capped gains as the index rose for a sixth session.

The Korea Composite Stock Price Index (KOSPI) closed up 0.2 percent at 1,935.84 points, its highest finish since Jan. 29.

The KOSPI has risen 2.6 percent during its six-day winning streak and now faces resistance at the 1,950 point threshold, the 200-day moving average.

Institutional investors purchased a net 74 billion won ($69 million) worth of KOSPI shares, more than offsetting foreign investors' 21.9 billion won of net selling.

Hyundai Merchant Marine Co Ltd jumped 8.8 percent after the company unveiled plans on Wednesday to sell its liquefied natural gas transport business to a local investment firm for 1.1 trillion won, in a bid to raise funds to pay off debt. ($1 = 1070.8500 Korean won) (Reporting by Jungmin Jang; Editing by Chris Gallagher)

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