January 22, 2014 / 6:26 AM / 4 years ago

Seoul shares edge up, card companies face sanction

SEOUL, Jan 22 (Reuters) - Seoul shares climbed to a fresh three-week closing high on Wednesday, ahead of key corporate earnings results.

The Korea Composite Stock Price Index (KOSPI) ended up 0.3 percent at 1,970.42 points, its highest close since Dec. 30. It was the index’s third consecutive gain.

Institutional investors repositioned as net buyers, purchasing a net 49.4 billion won ($46.4 million) of KOSPI shares.

KB Financial Group Inc fell 1.4 percent as it faces sanctions after its card business unit was involved in a case of customer information leakage. Industry rival Samsung Card Co Ltd rose 2.2 percent.

The Financial Services Commission on Wednesday announced a measure to prevent recurrence of leakage, and said it was considering imposing fines and transaction suspensions on KB Card, Lotte Card and Nonghyup Card. ($1 = 1065.3000 Korean won) (Reporting by Jungmin Jang; Editing by Richard Borsuk)

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