Seoul shares end 0.59 pct higher on steel, builder gains

SEOUL, Jan. 18 (Yonhap) -- South Korean stocks closed 0.59 percent higher Monday
as investors snapped up steelmakers, builders and tech shares, analysts said. The
local currency fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) advanced 9.98 points to
1,711.78. Volume was moderate at 415.3 million shares worth 6.23 trillion won
(US$5.54 billion), with losers outpacing gainers 453 to 317.
"Despite the tumble in U.S. stocks last Friday, optimism prevailed on the Seoul
bourse," said Kim Sung-joo, an analyst at Daewoo Securities.
"Foreign and retail investors lead the overall gains, maintaining the key index
over the 1,700 mark for the second session," Kim said.
Foreign and retail investors remained net buyers of local stocks on the main
bourse, lending support to the key index, but the KOSPI's gains were pulled down
during the session as institutional investors went into selling mode.
Large caps including tech and steelmakers gained ground on the back of the
earnings expectations. Market leader Samsung Electronics rose 0.12 percent to
834,000 won and local rival LG Electronics Semiconductor climbed 2.27 percent to
112,500 won.
Steelmakers and builders traded in positive territory as overseas sales were
expected to grow this year. Top steelmaker POSCO climbed 1.01 percent to 598,000
won and Doosan Heavy Industries Co., South Korea's leading power equipment maker,
jumped 7.85 percent to 93,400 won.
U.S. markets closed lower Friday, with earnings reports from J.P Morgan and Intel
failing to live up to investors' expectations. The Dow Jones industrial average
rose 0.9 percent.
The local currency ended at 1,124.50 won against the greenback, down 1.50 won
from Friday's close, as exporters sold the local currency, dealers said.
ygkim@yna.co.kr
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