Seoul stocks end up 0.52 pct on U.S. gains

SEOUL, March 18 (Yonhap) -- South Korean stocks closed up 0.52 percent Wednesday
as investors were buoyed by upbeat U.S. housing data, analysts said. The Korean
won fell against the U.S. dollar, ending three-days of strong gains.
The benchmark Korea Composite Stock Price Index (KOSPI) added 6.07 points to
1,169.95. Volume was heavy at 514.4 million shares worth 4.99 trillion won
(US$3.53 billion), with gainers outpacing losers 534 to 273.
"Despite profit-taking, the key index managed to gain, spurred by bullish U.S.
markets and policy support," said Lee Sun-yup, an analyst at Goodmorning Shinhan
Securities.
U.S. markets rallied on Tuesday after a sharp increase in February construction
data boosted investor sentiment.
Builders led the overall gains. Hyundai Engineering & Construction rose 3.6
percent to 54,700 won and GS Engineering & Construction gained 3.55 percent to
58,300 won.
Large-cap tech shares also gathered ground with market heavyweight Samsung
Electronics climbing 1.12 percent to 540,000 won and Hynix Semiconductor jumping
4.57 percent to 9,830 won.
Banks were dented, however, as investors took profits from recent advances. KB
Financial Group, which controls top lender Kookmin Bank, lost 2.31 percent to
33,900 won and Hana Financial Group also dropped 2.65 percent to end at 22,050
won.
State power company Korea Electric Power also traded 2.89 percent lower to finish
at 26,850 won.
The local currency closed at 1,421.5 won to the dollar, down 13 won from
Tuesday's close, as importers bought dollars to clear debts, dealers said.
pbr@yna.co.kr
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