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Seoul shares extend gains slightly as foreign investors buy
February 27, 2014 / 6:11 AM / in 4 years

Seoul shares extend gains slightly as foreign investors buy

(For the midday report, please click )

SEOUL, Feb 27 (Reuters) - Seoul shares inched up on Thursday as offshore demand pushed stocks higher, but most investors opted to stay put amid escalating tensions in Ukraine and ahead of Federal Reserve Chair Janet Yellen’s testimony before the Senate.

The Korea Composite Stock Price Index (KOSPI) closed up 0.4 percent at 1,978.43 points on Thursday.

Foreign investors bought a net 130.6 billion won ($122.6 million) worth of KOSPI shares, while institutional and retail investors were net sellers.

The South Korean government announced new measures to push households towards structurally sound loans on Thursday, which helped boost appetite for local stocks, some analysts said.

LG Display Co Ltd plunged 5.3 percent as foreign and institutional investors dumped the stock after local brokerages forecast sluggish growth for Apple Inc, which it supplies LCD panels for.

Shares of CJ Corp, on the other hand, soared 7.1 percent after Lee Maeng-hee, former CJ chairman and elder brother of Samsung Electronics Co Ltd Chairman Lee Kun-hee, said on Wednesday he would not appeal a court decision that rejected his demand for share of the Samsung chairman’s inheritance. ($1 = 1065.3000 Korean won) (Reporting by Christine Kim; Editing by Chris Gallagher)

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