Seoul stocks end 0.24 pct higher on bargain-hunting

SEOUL, Jan. 20 (Yonhap) -- South Korean stocks finished 0.24 percent higher
Wednesday as investors stepped up bargain hunting, analysts said. The local
currency rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) climbed 30.01 points to
end at 1,714.38, erasing losses in the previous session. Volume was heavy at
688.69 million shares worth 7.2 trillion won (US$6.33 billion) with losers
outnumbering gainers 501 to 291.
"Global markets are rising on hopes of an economic recovery and positive earnings
reports," said Won Sang-pil, an analyst at Tong Yang Securities.
"The Seoul bourse, too, is steadily settling into the 1,700 point mark," Won said.
Earlier gains led by foreign and retail buying were reduced by massive program
sell-offs worth 200 billion won.
Telecom shares led the local index rally on expectations that the market would
get a boost from the recent boom in computer-like smart phones. KT, the No. 2
mobile operator and local distributor of Apple's popular iPhone, soared 7.24
percent to 48,900, and its larger rival SK Telecom jumped 4.11 percent to
190,000.
The smallest telecom company LG Telecom also saw its shares surge 7.14 percent to
9,150 won.
South Korean blue-chips also got a boost from solid buying among overseas
investors. Electronics giant Samsung Electronics rose 0.49 percent to 109,000
won, while No. 1 steelmaker POSCO continued its upward move for a fourth day,
gaining 2.48 percent to 619,000 won.
Most financial shares traded in negative territory, as investors feared that
fourth quarter earnings may not meet expectations.
KB Financial Group, the top financial service firm by net profit, dropped 1.06
percent to 55,900 won and its smaller rival Woori Finance Holdings lost 0.32
percent to settle at 15,700 won.
The local currency closed at 1,138.20 won to the U.S. dollar, down 10.70 won from
Tuesday's close as offshore investors increased their holding of the greenback.
ygkim@yna.co.kr
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