SEOUL SHARES HIT ANOTHER RECORD HIGH, JUST SHY OF 4,600

SEOUL, Jan. 9 (Bernama-Yonhap) -- Seoul shares extended their rally to a sixth session Friday, setting a fresh record high backed by a rise in auto, defence and shipbuilding stocks. The Korean won fell against the U.S. dollar, Yonhap News Agency reported.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 33.95 points, or 0.75 per cent, to finish at 4,586.32, inching toward 4,600. The index has risen 6.4 per cent this week.

Trade volume was heavy at 388.37 million shares worth 23.04 trillion won (US$15.8 billion), with gainers outnumbering losers 537 to 340.

Institutions and individuals bought 1.19 trillion won and 130 billion won worth of stocks, respectively, offsetting foreign selling valued at 1.59 trillion won.

Foreign investors continued to offload local stocks for a second straight session after purchasing 1.25 trillion won worth of stocks on Wednesday.

Overnight, US stocks ended mixed. The Dow Jones Industrial Average fell 0.94 per cent, while the tech-heavy Nasdaq composite rose 0.16 per cent.

The market appeared to take a breather as investors locked in part of their gains, but the KOSPI may test the 4,600-point level depending on fourth-quarter corporate earnings results, analysts said.

"Profit-taking centred on semiconductor stocks kept the index from rising further. The move was in line with declines in US tech stocks," Lim Jung-eun, an analyst at KB Securities Co., said.

Auto, defence and shipbuilding stocks led the gains.

Top carmaker Hyundai Motor advanced 7.49 per cent to 366,000 won.

Leading shipbuilder HD Hyundai Heavy Industries jumped 4.64 per cent to 609,000 won, and defence giant Hanwha Aerospace soared 11.38 per cent to 1,214,000 won.

Korea Aerospace Industries, the country's sole aircraft manufacturer, surged 4.9 per cent to 149,800 won, and market bellwether Samsung Electronics gained 0.14 per cent to 139,000 won

Among decliners, chip giant SK hynix fell 1.59 per cent to 744,000 won.

Leading refiner SK Innovation fell 2.83 per cent to 99,700 won, and leading cosmetics firm Amorepacific shed 0.67 per cent to 119,200 won.

The local currency was quoted at 1,457.60 won against the U.S. dollar at 3:30 p.m., down 7 won from the previous session.

Bond prices, which move inversely to yields, ended lower. The yield on three-year Treasurys rose 4 basis points to 2.942 per cent, while the return on the benchmark five-year government bonds climbed 2.9 basis points to 3.192 per cent.

-- BERNAMA-YONHAP