Seoul shares resume climb on program trading

Computer-generated program trading helped lift Seoul shares in the most subdued session in months, as investors stayed on the sidelines, awaiting the resumption of budget talks in the United States after the Thanksgiving holiday.

The Korea Composite Stock Price Index (KOSPI) ticked 0.8 per cent higher to 1,898.48 points as of 10:38 (HK Time), rebounding from last week’s three-month low.

“Program trading is lifting the KOSPI because, on such a slow day, even a small volume can push the direction of the index,” said Park Seung-young, an analyst at Taurus Securities.

via Business feed http://www.scmp.com/business/money/market-snapshot/article/1088168/seoul-shares-resume-climb-program-trading