Seoul shares end 1.07 pct higher on institutional buying

SEOUL, Feb. 13 (Yonhap) -- South Korean stocks closed 1.07 percent higher Friday as institutional investors became buyers of local stocks despite lingering concerns over the economic downturn, analysts said. The local currency inched down against the U.S. dollar.

Reversing earlier losses, the benchmark Korea Composite Stock Price Index (KOSPI)
rose 12.6 points to 1,192.44. Volume was moderate at 566.9 million shares worth
4.14 trillion won (US$2.95 billion), with gainers outpacing losers 587 to 227.
"During the session, concerns over the global recession balanced against hopes
for the effects of a U.S. economic stimulus package," said Kwak Joong-bo, an
analyst at Hana Daetoo Securities Co. "Next week, the key index is likely to
trade in a narrow range as the market still lacks strong momentum for an upturn."
Foreign investors continued their selling spree of local stocks for the fourth
straight session, limiting the KOSPI's gain. They sold a net 116 billion won
worth of local shares on the main bourse.
Tech blue chips turned higher in late trading. Chip giant Hynix Semiconductor
gained 4.4 percent to 9,260 won and consumer electronics leader LG Electronics
rose 4.81 percent to 78,500 won. But tech bellwether Samsung Electronics shed
1.73 percent to 511,000 won.
Financial shares also gained momentum, shrugging off the announcement of their
disappointing fourth-quarter earnings. KB Financial Group, the holding company of
top lender Kookmin Bank, advanced 2.14 percent to 33,400 won and its rival Woori
Finance Holdings added 0.97 percent to 7,300 won. Woori said Thursday it swung to
a net loss last quarter due to increased provisions and investment losses.
After volatile trading, the local currency ended at 1,404.5 won to the dollar,
down 0.5 won from Thursday's close, as offshore investors sold local stocks,
dealers said.