Seoul stocks surge 3.54 pct on recovery hopes

SEOUL, April 2 (Yonhap) -- South Korean stocks soared 3.54 percent Thursday as
investor sentiment got a lift from improving economic indicators, analysts said.
The local currency jumped against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) spiked 43.61 points to
1,276.97, marking the biggest daily gain in over two months. Volume was heavy at
720.2 million shares worth 7.8 trillion won (US$5.8 billion), with gainers
outnumbering losers 727 to 138.
"The stock market was boosted by favorable economic indicators at home and in the
U.S. on improved market liquidity," said Hwang Bin-ah, an analyst at Kyobo
Securities.
"The significant advances in financial shares and builders, which move along an
economic recovery, signal a further rise ahead," Hwang said.
Financials and builders made steep gains as investors bet on an economic
turnaround. GS Engineering & Construction, the country's second-largest builder,
gained 10.82 percent to 68,600 won.
Shinhan Financial Group, which controls the second-ranked lender Shinhan Bank,
surged 7.77 percent to settle at 27,750 won.
Market bellwether Samsung Electronics jumped 23.68 percent to 591,000 won, the
highest level since August last year. LG Display also soared 5.04 percent to
30,200 won, lifted by rising panel prices.
Top carrier Korean Air finished 38,900 won, up 7.16 percent from Wednesday's
close, as a stronger won is expected to reduce fuel costs.
The local currency finished at 1,334.5 won against the U.S. dollar, up 45 won
from Wednesday's close, after the Bank of Korea said the nation's foreign
reserves reached US$206.34 billion as of end-March, up $4.8 billion from a month
earlier.
pbr@yna.co.kr
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