Seoul shares end 1.76 pct up on EU summit, Chinese data

stocks-summary


By Lee Youkyung
SEOUL, Feb. 11 (Yonhap) -- South Korean stocks closed 1.76 percent higher on
Thursday as investor sentiment was boosted by the imminent EU summit to help
indebted Greece and China's economic data, analysts said. The local currency rose
against the U.S. dollar.

The benchmark Korea Composite Stock Price Index rose 27.69 points to 1,597.81.
Volume was moderate at 387 million shares worth 4.3 trillion won (US$3.72
billion) with gainers outnumbering losers 591 to 204.
"European governments are scheduled to hold a special summit on Thursday to
discuss measures to help Greece," said Hwang Keum-dan, an analyst at Samsung
Securities. "Though no specific plans have been reported so far, the rally
reflects expectations about resolving Greek debts."
Reports that China's economy posted a smaller-than-expected increase in consumer
prices eased concerns about an immediate interest rate hike in the world's
fastest growing economy, analsyts said.
Shipbuilders staged a bullish run on expectations that they would be the biggest
beneficiaries of resolving Euro-zone debt concerns. Top shipbuilder Hyundai Heavy
Industries surged 7.06 percent to 220,000 won. Hyundai Mipo Dockyard, a unit of
Hyundai Heavy, skyrocketed 10.27 percent to 123,500 won.
Automakers finished in positive territory amid the on-going crisis of its
Japanese rival Toyota Motor Corp. Top Hyundai Motor Co. rose 1.75 percent to
116,000 won and its smaller affiliate Kia Motors Corp. advanced 1.69 percent to
21,000 won.
Tech shares closed mixed. Samsung Electronics, Asia's largest maker of handset,
memory and flat screens, ended 1.06 percent higher at 763,000 won.
Hynix Semiconductor, however, fell 3.3 percent to 21,950 won on concerns about
its creditors' stake sales as reports said no bidders have emerged yet.
The local currency closed at 1,156.80 won to the greenback, up 3.50 won from
Wednesday's close, as offshore investors scooped up local shares, dealers said.
ylee@yna.co.kr
(END)

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