Seoul shares up 0.84 pct on tech gains

South Korean stocks inched up 0.84 percent on Thursday as tech shares gained ground on expectations that U.S. consumer spending may pick up near the year-end, analysts said. The local currency fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) gained 16.96 points to 2,045.77. Trading volume was moderate at 270.4 million shares worth 3.99 trillion won (US$3.76 billion) with gainers outpacing losers 518 to 299.

"Foreign capital flew into the local share market, led by U.S. funds," said Kim Young-joon, a market analyst at SK Securities Co.

"The local stock market is likely to keep the upward momentum until the end of this year."

Foreign investors snapped up a net 153.5 billion won worth of Seoul shares on the main bourse.

Tech shares gained ground on hopes that consumer spending is likely to pick up near the year-end. Tech bellwether Samsung Electronics rose 1.63 percent to 1,494,000 won, and flat panel maker LG Display climbed 3.57 percent to 24,650 won. Chip giant SK hynix gained 2.46 percent to 35,450 won. 

Mobile carriers also gathered ground, with SK Telecom adding 0.67 percent to 227,000 won. No. 2 player KT advanced 1.96 percent to 33,800 won.

But automakers lost ground. Top carmaker Hyundai Motor fell 0.97 percent to 255,000 won, and its affiliate Kia Motors shed 0.5 percent to 60,200 won.

The local currency ended at 1,061.50 won to the greenback, down 0.4 won from Wednesday's close, despite a record current account surplus logged for October, dealers said. (Yonhap News)