Seoul stocks end 3.41 pct higher on blue-chip gains

SEOUL, March 17 (Yonhap) -- South Korean stocks closed 3.41 percent higher Tuesday as foreign and institutional buyers picked up blue chips, analysts said.

The local currency surged against the U.S. dollar for a third day.
The benchmark Korea Composite Stock Price Index (KOSPI) added 38.42 points to
1,163.88. Volume was heavy at 718.6 million shares worth 5.72 trillion won
(US$4.06 billion), and gainers outpaced losers 667 to 167.
"Massive institutional buying, followed by foreign investors, helped the key
index end higher," said Choi Jae-shik, an analyst at Daeshin Securities Co.
"Financials across the board were strong gainers as investors expected that local
banks will benefit from a stronger won," Choi said.
Financials led the overall market rally, with KB Financial Group, which controls
top lender Kookmin Bank, rising 6.77 percent to 34,700 won, and Shinhan Financial
Group jumping 9.57 percent to 25,200 won.
Most blue chips gained ground, with market leader Samsung Electronics going up
2.1 percent to 534,000 won and local rival LG Electronics gaining 2.94 percent to
87,500 won.
Leading exporters, such as car makers and shipbuilders, also rose. Hyundai Motor
went up 2.64 percent to 54,400 won and Kia Motors gained 6.67 to 8,000 won, while
top shipbuilder Hyundai Heavy Industries rose 5.28 percent to 189,500 won.
The local currency closed at 1,408.5 won to the dollar, up 31.5 won from Monday's
close, as offshore investors unloaded the greenback, dealers said.