Seoul stocks end 1.42 pct up on foreign buying

SEOUL, Feb. 3 (Yonhap) -- South Korean stocks closed 1.42 percent higher Tuesday
as foreign investors scooped up blue-chip shares, analysts said. The local
currency rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) gained 16.25 points to
1,163.2, while volume was moderate at 335.79 million shares worth 4.32 trillion
won (US$3.11 billion), with earners outpacing losers 556 to 266.
"The key index got a lift as foreign investors scooped up local shares, heartened
by Japan's economic stimulus packages," said Seong Jin-kyung, an analyst at
Daishin Securities.
The Bank of Japan pledged to use $11.2 billion to purchase Japanese bank shares
while the Australian central bank lowered its key interest rate to a 45-year low
to kick-start its economy.
Chip giant Samsung Electronics jumped 3.48 percent to 490,000 won, rebounding
from a two-day loss. LG Electronics also advanced 2.95 percent to end at 73,200
won and Hynix Semiconductor added 2.36 percent to 9,100 won.
Shipbuilders and carmakers also finished sharply higher with Hyundai Heavy
Industries advancing 2.19 percent to 210,000 won. Hyundai Motor also jumped 3.56
percent to close at 48,050 won.
Financial shares also recovered from recent hefty falls on relieved investor
confidence. Shinhan Financial Group, which controls Shinhan Bank, spiked 4.16
percent to 27,550 won and KB Financial Group also gained 2.42 percent to 36,000
won.
The local currency ended at 1,389.5 won to the dollar, up 5 won from Monday's
close and ending a three-session losing streak, as the country's foreign currency
reserves rose for a second month and bullish local stocks helped lure foreign
investors, dealers said.
pbr@yna.co.kr
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