Seoul shares rally 3.78 % on institutional buying

South Korean stocks rallied 3.78 percent Wednesday as institutional investors hunted for beaten-down tech firms and auto exporters, analysts said. The local currency rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) gained 66.75 points to 1,833.46, snapping a three-day losing streak. Trading volume was moderate at 412 million shares worth 6.06 trillion won (US$5.65 billion) with winners outpacing losers 721 to 134. "The rally was a technical rebound from the plunges in the latest sessions," said Lee Kyung-soo, an analyst at Shinyoung Securities Co. "Investors held the view that stocks had reached bottom. And ahead of Obama's speech and the FOMC meeting, the current price level appeared attractive," Lee said, referring to U.S. President Barack Obama's scheduled speech on Thursday, which will likely touch on employment issues, and the Federal Open Market Committee meeting slated for later this month.