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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World Seoul shares up 0.2 pct; foreign buying helps Reuters - 47 minutes ago Send IM Story Print * KOSPI posts record high amid foreign buying * Refiners rally on rosy outlook, strength in oil price * Lotte Shopping climbs firmly on solid Q4 earnings SEOUL, Jan 27 - Seoul shares ended up 0.2 percent on Thursday, mere points shy of an earlier record closing high, buoyed by solid foreign buying and robust gains in crude refiners including S-Oil <010950.KS>. The Korea Composite Stock Price Index <.KS11> ended up 0.22 percent at 2,115.01 points, after earlier setting a new all-time intraday high of 2,121.06 points. "Despite some volatilities at the index's current level, market environment is pretty solid. Assurance that the U.S. Federal Reserve will maintain its supportive stance on the economy buoyed buying appetite particularly," said Han Beom-ho, a market analyst at Shinhan Investment Corp. The U.S. Federal Reserve showed on Wednesday that it was in no rush to cut short its rescue of the U.S. economy. [ID:nN25283937] "However, the market will face resistance as it nears 2,200 points, as investors adjust, sentimentally, to higher valuation re-ratings at that level," Kim Hyoung-ryoul, a market analyst at NH Investment & Securities said, adding the KOSPI at 2,200 points will offer an overall price earnings multiple of 11. The KOSPI's 12-month forward PE stands at around 10, which is still notably lower than Taiwan's 13.5 and Asia Ex-Japan's 12.6, StarMine data showed. However, its 60-day relative strength index at around 65 was approaching the overbought mark of 70. Foreign investors were buyers of a net 352.7 billion won worth of stocks, the biggest foreign net buying amount in three weeks and picking up shares for a third consecutive session. Trading turnover stood at 7.2 trillion won compared with average daily trading turnover this month of 7.6 trillion won. Strong gains in crude refiners gave the index support on rosy earnings outlooks for the year and as rallies in U.S. crude oil prices pointed to higher product pricing, analysts said. "Refiners will do well throughout this year as margins are seen strong on the back of robust demand and tight supply," said Lee Jae-hoon, an analyst at Dongbu Securities. Shares in SK Innovation <096770.KS>, the country's top crude refiner, rose 4.8 percent and GS Holdings <078930.KS>, the parent firm of South Korea's No.2 crude refiner GS Caltex, advanced 5.4 percent. Shares in S-Oil <010950.KS> jumped 12 percent after the country's No.3 crude refiner reported that its fiscal 2010 operating profits rose 139.3 percent to 834.4 billion won. Hyundai Motor <005380.KS> shares cut an earlier 1 percent loss to finish down 0.8 percent, despite a nearly 50 percent jump to record profit in the automaker's December quarter. Analysts said shares fell because they had rallied substantially recently, making them ripe for profit-taking. Shares of South Korea's top automaker have risen 14 percent on the year, compared with broader market's 3.1 percent gain, as new models and robust sales in overseas markets boosted profits. "The market overall sees Hyundai Motor continuing to do well this year on the back of strong sales and confidence from the past few years' results," said a fund manager at IBK Asset Management Co. Ltd. "I don't think the strong won will affect Hyundai Motor much because it obviously didn't have a great impact on its earnings last year either," Kim added. Shares in Hynix <000660.KS> underperformed and fell 0.7 percent after the world's No.2 memory chip maker posted its lowest quarterly profit in five quarters, hit by a sharp plunge in computer memory chip prices. [ID:nTOE70O018] But shares in Lotte Shopping <023530.KS> advanced 4.9 percent after South Korea's No.1 retailer reported its fourth quarter operating profits rose 22 percent from a year ago to 314.9 billion won. Losses in banks weighed as shares in KB Financial Group <105560.KS> shed 0.9 percent and Shinhan Financial Group <055550.KS> declined 1.2 percent. The KOSPI 200 March futures <KSc1> index rose 0.5 points to 279.40 points. The KOSPI 200 spot index <.KS200> advanced 0.39 points to 279.20. The junior Kosdaq index <.KQ11> went up 0.75 percent to 528.63. Move on day +0.22 percent 12-month high 2,121.06 27 Jan 2011 12-month low 1,532.68 25 MAY 2010 Change on yr +3.1 percent All-time high 2,121.06 27 JAN 2011 All-time low 93.10 6 JAN 1981 Recommend Send IM Story Print Related Articles Dealmaker Moelis tests Asia talent war with launch Reuters - 20 minutes ago Alibaba shelves listing plans of Taobao, Alipay Reuters - 21 minutes ago Canon sees 2011 profit up 21 pct on sales jump Reuters - 1 hour 24 minutes ago India food inflation inches up in mid-Jan Reuters - 22 minutes ago Sony unveils new handheld to take on DS, smartphones Reuters - 23 minutes ago News Search Top Stories US Fed stands firm on stimulus deal Cruz, Bardem baby boy 'doing great': spokeswoman Marooned Miami bay piano strikes odd note Bad eating can give you depression: study Medvedev uses Davos meet as defiant show against terror More Top Stories » ADVERTISEMENT Most Popular Most Viewed T. rex still king, says dino study Bad eating can give you depression: study BBC World Service axes five language services Cruz, Bardem baby boy 'doing great': spokeswoman Kids who misbehave face trouble as adults: study More Most Viewed » More Most Recommended » Elsewhere on Yahoo! 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