South Korean shares rise on upbeat China data

South Korean shares managed to end higher after choppy trading on Thursday as foreign investors maintained their buying streak due to upbeat manufacturing data in China. The benchmark Korea Composite Stock Price Index (KOSPI) rose 6. 71 points, or 0.35 percent, to close at 1,920.74. Trading volume stood at 330.4 million shares worth 3.55 trillion won (3.16 billion U.S. dollars). The KOSPI stayed in negative terrain earlier after Wall Street closed mixed amid concerns over an early exit of U.S. quantitative easing. According to a statement unveiled after the Fed's two-day policy-making meeting, the Fed decided to maintain 85 billion dollars in its monthly bond purchasing program. However, the U.S. real gross domestic product (GDP) rose at an annual rate of 1.7 percent in the second quarter, beating market consensus of 1.1 percent. The figure boosted concerns over the early exit. The KOSPI turned upward following the announcement of China's manufacturing data. The purchasing managers' index (PMI) for the Chinese manufacturing sector rose to 50.3 in July from 50.1 in June, signaling a stable trend in the world's second-largest economy. Foreign investors bought shares worth 62.4 billion won, keeping their buying streak for nine straight sessions. Retail and institutional investors sold stocks worth 56.9 billion won and 5.2 billion won respectively. Large-cap shares ended mixed. Leading chemical firm LG Chem gained 2.1 percent, and the world's largest shipbuilder Hyundai Heavy Industries advanced 2.1 percent. Top automaker Hyundai Motor fell 0.4 percent, and its affiliate Kia Motors declined 0.3 percent. Market bellwether Samsung Electronics closed steady at 1,280, 000 won, and top life insurer Samsung Life Insurance ended flat at 107,500 won. The nation's biggest web search engine operator NHN slid 2.5 percent. The South Korean currency finished at 1,123.5 won against the greenback, unchanged from Wednesday's close. Bond prices ended flat. The yield on the liquid three-year treasury notes closed steady at 2.92 percent, and the return on the benchmark 10-year government bonds finished unchanged at 3.49 percent.