Seoul stocks soar 5.91 pct on tech, financial rally

SEOUL, Jan. 28 (Yonhap) -- South Korean stocks closed 5.91 percent higher
Wednesday on sharp gains in tech shares and financials, analysts said. The local
currency gained against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) surged 64.58 points to
1,157,98, the largest daily gain in about seven weeks. Volume was moderate at
339.63 million shares worth 4.5 trillion won (US$3.27 billion), with gainers
outpacing losers 692 to 163.
"Chipmakers helped send the key index sharply higher as foreign investors scooped
them up on hopes the bankruptcy of a German rival will boost their market
presence," said Kang Hyun-chul, an analyst at Woori Investment & Securities.
Qimonda AG's filing for court protection last week is widely forecast to
alleviate a market glut and help boost local firms' market shares.
Chip giant Samsung Electronics shot up 10.52 percent to 488,500 won and smaller
rival Hynix Semiconductor surged by the daily limit of 14.98 percent to end at
8,060 won.
Recently beaten-down financial and machinery shares got a big boost from improved
investor sentiment, especially among foreign investors who turned to net buyers
after four consecutive sessions of net sales.
KB Financial Group, whose flagship is top lender Kookmin Bank, soared 10.97
percent to 35,400 won and Shinhan Financial Group, which controls Shinhan Bank,
jumped 7.84 percent to 27,500 won.
Leading shipbuilder Hyundai Heavy Industries jumped 7.34 percent to 197,500 won
and top carmaker Hyundai Motor spiked 11.90 percent to 47,000 won.
The local currency ended at 1,376.10 won to the dollar, up 14.80 won from
Friday's close, as the bullish stock market helped lure foreign investors,
dealers said. The local financial market was closed Monday and Tuesday for the
Lunar New Year holiday.
pbr@yna.co.kr
(END)