Seoul shares end 1.2 pct higher on Wall Street gains

SEOUL, Feb. 3 (Yonhap) -- South Korean stocks closed 1.2 percent higher Wednesday
as better-than-expected economic data in the U.S. lifted investor sentiment,
analysts said. The won rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) gained 19.21 points to
1,615.02. Volume was moderate at 432.5 million shares worth 4.39 trillion won
(US$3.82 billion) with gainers outpacing losers 529 to 247.
"As Wall Street rallied for the second straight session, the KOSPI was boosted in
tandem," said Lee Sun-yup, an analyst at Shinhan Investment Corp.
"But in the market, there are still uncertainties like China's tightening fears
which would limit the KOSPI's gains. Investors are likely to await U.S. job data
due out later this week to gauge the pace of the economic recovery."
Shipbuilders, steelmakers and builders gained ground. Top steelmaker POSCO
advanced 3.14 percent to 558,000 won and leading shipyard Hyundai Heavy
Industries rose 5.08 percent to 207,000 won.
Shares of South Korean conglomerates GS Group and Hanwha Group gained ground
after they said earlier in the day that they have no plan to buy chip giant Hynix
Semiconductor Co. GS rose 1.9 percent to 34,850 won and Hanwha advanced 4.41
percent to 46,150 won. Hynix declined 3.18 percent to 21,300 won.
Korea Exchange Bank, controlled by U.S. buyout fund Lone Star Funds, jumped 5.36
percent to 13,750 won on its better-than-expected fourth-quarter earnings.
U.S. stocks closed higher Tuesday on better-than-expected earnings and
encouraging data in the housing market. The Dow Jones industrial average rose
1.09 percent and the tech-laden Nasdaq composite added 0.87 percent.
The local currency ended at 1,149 won to the U.S. dollar, up 10.90 won from
Tuesday's close as offshore investors increased their holdings of local stocks,
dealers said.
sooyeon@yna.co.kr
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