Seoul stocks end 1.44 pct up on earnings hopes

SEOUL, April 22 (Yonhap) -- South Korean stocks closed 1.44 percent higher
Wednesday as improving corporate earnings unleashed strong foreign and retail
buying, analysts said. The local currency inched up against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) climbed 19.21 points to
1,356.02, rising for a third session. Volume was heavy at 717.59 million shares
worth 8.43 trillion won (US$6.3 billion), with gainers outpacing losers 613 to
257.
"Better-than-expected earnings from local tech firms boosted investor appetites
for shares, resulting in the recent market rally," said Lee Joon-whan, an analyst
at Hanwha Securities.
Tech firms, the first sector to report first-quarter performances, led the market
gains.
LG Electronics advanced 3.77 percent to 110,000 won, a day after the consumer
electronics giant said its first-quarter net loss reached 197.6 billion won,
about one-third of the red ink for the previous quarter.
Market leader Samsung Electronics jumped 3.05 percent to 609,000 won as investors
bet the chip giant's performance might have also improved. Samsung is set to
unveil its earnings on Friday.
Chip giant Hynix Semiconductor spiked by the daily limit of 14.83 percent to
16,650 won on expectations rising chip prices may boost its first-quarter
performances.
Securities firms also got a boost from upbeat stock markets with leading
brokerage house Hyundai Securities surging 6.96 percent to end at 14,600 won.
The local currency finished at 1,348.5 won to the dollar, up 1 won from Tuesday's
close, helped by strong stock buying among overseas investors, dealers said.
pbr@yna.co.kr
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