Seoul stocks close up 0.27 pct on foreign buying

SEOUL, April 16 (Yonhap) -- South Korean stocks ended up 0.27 percent Thursday as
foreign investors turned strong buyers on overnight U.S. market advances,
analysts said. The local currency rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) gained 3.63 points to
1,336.72. Volume was heavy at 733.5 million shares worth 8.76 trillion won
(US$6.58 billion), with gainers outpacing losers 475 to 333.
"The market started off strong with favorable signs coming from the U.S.," said
Kim Jung-hyun, an analyst at Goodmorning Shinhan Securities. "However, investors'
cautious sentiment cut much of the earlier gains."
U.S. shares gained ground on Wednesday with the Dow Jones industrial average
climbing 1.38 percent and the tech-heavy Nasdaq rising 0.07 percent.
Foreigners bought more shares than they sold with their net purchases amounting
to over 472 billion won.
Exporters showed mixed results as investors were divided between expectations on
a global economic recovery and first-quarter earning woes.
Top steel maker POSCO advanced 4.11 percent to 405,500 won. Shipbuilders gained
substantial ground with industry leader Hyundai Heavy Industries gaining 2.87
percent to end at 215,000 won.
Many tech shares lost ground with market leader Samsung Electronics losing 0.68
percent to 581,000 and Hynix Semiconductor shedding 1.49 percent to 13,250.
Financials and automakers added to the downswing. KB Financial Group slipped 1.33
percent to 37,000 won, while Korea Exchange Bank lost 3.35 percent to 7,500 won.
No. 1 carmaker Hyundai Motor ended 1.97 percent higher to 64,600 won and its
affiliate Kia Motors also lost 2.90 percent to 9,700 won.
The currency finished at 1,332 won against the U.S. dollar, up 6 won from
Wednesday's close, as offshore investors sold the greenback to buy local shares,
dealers said.
ygkim@yna.co.kr
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