Seoul stocks end up 3.29 pct on investment deregulation

SEOUL, March 4 (Yonhap) -- South Korean stocks closed 3.29 percent higher
Wednesday as investors were buoyed by expectations of rising corporate investment
and exports to China, analysts said. The local currency dropped against the U.S.
dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) surged 33.69 points to
1,059.26. Volume was moderate at 483.8 million shares worth 4.13 trillion won
(US$2.3 billion), with gainers outperforming losers 731 to 130.
"The bourse got a boost from the passage of a bill to lift a cap on
conglomerates' investments," said Lee Seung-woo, an analyst at Daewoo Securities.
"Another positive lead was China's improving manufacturing activity."
On Tuesday, South Korea's National Assembly passed the bill that aims to
stimulate the sagging economy by allowing conglomerates to boost investments in
subsidiaries and non-affiliated companies.
China's index measuring manufacturers' business activity rose in February for the
third consecutive month, sending local shipyards and shipping lines higher.
Top shipyard Hyundai Heavy Industries surged 6.38 percent to 183,500 won, with
Samsung Heavy Industries jumping 9.29 percent to settle at 22,950 won.
Hanjin Shipping Line, the largest container carrier, also closed 12.63 percent
higher to end at 16,500 won.
Blue-chip tech firms gathered substantial ground due to a strong overseas sales
forecast thanks to a weak won. Samsung Electronics gained 2.84 percent to 489,000
won and LG Display surged 5.65 percent.
The local currency ended at 1,551 won against the U.S. dollar, up 1.4 won from
Tuesday's close, on suspected government intervention, dealers said.
pbr@yna.co.kr
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