Seoul shares end 0.79 pct higher on shipyard, steel gains

SEOUL, March 20 (Yonhap) -- South Korean stocks closed 0.79 percent higher Friday
as investors scooped up shipbuilders and steelmakers, analysts said. The local
currency fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) advanced 9.13 points to
1,170.94. Volume was moderate at 369.6 million shares worth 4.17 trillion won
(US$2.95 billion), with gainers outpacing losers 535 to 285.
"On news of rising commodity prices, steelmakers led the market's upward
movement. However, the weaker won pulled the market lower, barely making above
the 1,170-point mark," said Choi Jae-shik, an analyst at Daeshin Securities Co.
Shipbuilders and steelmakers advanced with the world's largest shipyard, Hyundai
Heavy Industries, rising 1.58 percent to 172,500 won. Leading steelmaker POSCO
gained 2.73 percent to 357,000 won on positive earnings forecasts.
Refineries ended higher on expectations that they might benefit from higher oil
prices. SK Energy jumped 3.49 percent to 85,900 won.
After volatile trading, carmakers gained ground with industry leader Hyundai
Motor advancing 0.78 percent to 52,000 won.
The local currency ended at 1,412.5 won to the dollar, down 16.5 won from
Thursday's close, as importers bought dollars to pay bills, dealers said.
ygkim@yna.co.kr
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