Sumary of (LEAD) Seoul stocks up for 4th day on foreign buying:
- 15 (Yonhap) — South Korean stocks advanced for a fourth session Wednesday, supported by foreign buying, as some investors sought to digest the weak inflation data in the United States.
- The benchmark Korea Composite Stock Price Index (KOSPI) added 4.57 points, or 0.15 percent, to close at 3,153.4 points.
- The KOSPI opened higher as bargain hunters sought oversold stocks on expectations of a future price hike.
- South Korea’s job growth slowed for the fourth straight month in August, largely due to the latest surge in COVID-19 cases and the toughest-ever virus curbs.
- During the same month, U.S. consumer prices also showed the smallest gain in seven months, fanning concerns of a slowing economic recovery.
- “The weaker-than-expected consumer price in August turned out positive for the KOSPI by easing market worries about an early U.S. tapering,” Mirae Asset Securities analyst Park Gwang-nam said.