Seoul shares firm as tech, auto exporters rally

SEOUL: Seoul shares rose on Wednesday buoyed by stronger-than-expected US economic data, with gains led by technology and auto exporters including LG Display and Hyundai Motor.

"The market has developed some immunity to issues in Europe, and positive US data has helped renew appetite for the shares," said Ham Seong-shik, a market analyst at Daishin Securities.

The US economy showed signs it maintained speed into the fourth quarter as retail sales increased in October and a gauge of manufacturing in New York state rose this month for the first time since May.

Foreign investors were buyers of a net 12.5 billion Korean won ($11.1 million) worth of stocks, while institutions purchased a net 95.8 billion won.

The Korea Composite Stock Price Index (KOSPI) was up 1.15 percent at 1,907.88 points as of 0123 GMT.

Technology and auto exporters led gains, with LG Display, the world's No.2 flat panel maker, rising 3.7 percent and LG Electronics gaining 1.5 percent.

Hyundai Motor advanced 2 percent and Kia Motors climbed 1.9 percent.

Hynix Semiconductor was up 3 percent, lifted after news Amazon.com Inc's Kindle Fire tablet uses components from the firm.

News ratings agency Moody's placing the world's No.2 memory chip maker on review for an upgrade, gave further help.

Shares in Hitejinro, a beer and spirits maker, surged 2.8 percent after local media reports domestic breweries including Oriental Brewery was planning a price increase of as much as 9 percent.

Copyright Reuters, 2011