Seoul stocks end 2.94 pct up on bargain-hunting

SEOUL, April 29 (Yonhap) -- South Korean shares closed 2.94 percent higher Wednesday as investors hunted for bargains following recent losses, analysts said. The local currency gained against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) surged 38.18 points to
1,338.42, snapping a three-day losing streak. Volume was moderate at 591.29
million shares worth 5.58 trillion won (US$5.54 billion), with gainers outpacing
losers 681 to 134.
"Bargain-hunting sent the market sharply higher, also supported by upbeat data on
improving U.S. consumer sentiment," said Lee Jae-hun, an analyst at Mirae Asset
Securities.
A U.S. market agency said Tuesday that American consumer confidence for April
posted the biggest jump in more than three years, raising expectations of their
increased spending down the road.
Bullish stock trading boosted brokerage firms, with top brokerage Daewoo
Securities jumping 7.65 percent to 20,400 won. Hyundai Securities also finished
7.78 percent higher to 14,550 won.
Banking shares gained ground on bargain-hunting as well. KB Financial Group, the
parent for top lender Kookmin Bank, surged 5.79 percent to 37,450 won with
Shinhan Financial Group advancing 5 percent to end at 29,400 won.
State power monopoly Korea Electric Power Corp. soared 5.38 percent as it is
expected to post better earnings in the future on lower fuel prices.
Large-cap tech shares finished sharply higher following recent falls with Samsung
Electronics gaining 1.91 percent to 586,000 won.
The local currency finished at 1,340.7 won to the dollar, up 16.1 won from
Tuesday's close, after the Bank of Korea said its current account surplus reached
a record high of $6.65 billion in March, dealers said.
Bond prices, which move inversely to yields, finished lower. The return on
three-year Treasuries rose 0.01 percentage point to 3.51 percent and the
benchmark yield on five-year government bonds added 0.02 point to 4.07 percent.
pbr@yna.co.kr
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