Seoul stocks end 2.31 pct up on foreign buying

SEOUL, April 30 (Yonhap) -- South Korean stocks closed 2.31 percent higher
Thursday, buoyed by massive foreign buying, analysts said. The local currency
rose sharply against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) jumped 30.94 points to a
yearly high of 1,369.36. Volume was heavy at 794.67 million shares worth 8.42
trillion won (US$6.51 billion), with gainers outpacing losers 660 to 192.
"Strong buying by foreign investors pushed up the index as improving economic
indicators pointed to an economic turnaround," said Bae Sung-young, an analyst at
Hyundai Securities. "The current account surplus and a weak won make South Korean
stocks attractive to foreign investors."
Bank shares finished sharply higher, tracking their U.S. peers. Woori Finance
Holdings, which controls Woori Bank, spiked 10.22 percent to 9,920 won and
Shinhan Financial Group, the holding company for second-largest lender Shinhan
Bank, gained 7.82 percent to 31,700 won.
Hyundai Steel, the second-largest steelmaker, jumped 4.43 percent to 54,200 won
as falling import bills and rising sales are expected to boost profits down the
road.
Air carriers also gathered ground on bargain hunting. The sector suffered hefty
falls due to the outbreak of swine flu. Top carrier Korean Air soared 3.44
percent to 39,310 won with Asiana surging 5.46 percent to 4,155 won.
SK Telecom, the country's top mobile carrier, however, shed 1.87 percent to
183,500 won after reporting a 17 percent decrease in first-quarter net profit.
The local currency finished at 1,282 won to the dollar, up 58.7 won from
Wednesday's close and the highest level this year, on massive foreign buying and
the nation's record current account surplus in March, dealders said.
The local stock and currency markets will be closed for Labor Day on Friday.
pbr@yna.co.kr
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