Seoul stocks end up 2.75 pct on foreign buying

SEOUL, Feb. 6 (Yonhap) -- South Korean stocks closed 2.75 percent higher Friday
as foreign investors snapped up shares amid growing optimism for the passage of a
U.S. stimulus package, analysts said. The local currency rose against the U.S.
dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) soared 32.38 points to
1,210.26. Volume was heavy at 549.9 million shares worth 5.35 trillion won
(US$3.87 billion), with winners outpacing gainers 603 to 226.
Market bellwether Samsung Electronics lead the overall gain, surging 4.61 percent
to 545,000 won, on massive foreign buying as optimism grew on an approximately
$900 billion economic stimulus plan, now awaiting U.S. Senate approval.
"Foreign investors scooped IT shares on expectations world-leading local tech
firms will turn more competitive in the post-crisis market," said Choe Chang-ho,
an analyst at Goodmorning Shinhan Securities.
Consumer electronics maker LG Electronics also rose 3.04 percent to close at
78,000 won.
Steel makers and shipbuilders surged as China's Cabinet approved measures to
boost the world's third-largest economy earlier this week. Steel behemoth POSCO
jumped 4.99 percent to 400,000 won with third-largest Daewoo Shipbuilding and
Marine Engineering spiking 11.11 percent to 24,000 won.
Hyundai Motor and Kia Motors closed up 3.29 percent and 3.19 percent each
following their stellar January sales in the U.S. market.
The local currency ended at 1,383.8 won to the dollar, up 0.7 won from Thursday's
close, as bullish stocks lured foreign investors to buy the won, dealers said.
pbr@yna.co.kr
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