Seoul stocks end 0.78 pct up on bargain hunting

(ATTN: ADDS bond yields at bottom)
SEOUL, May 15 (Yonhap) -- South Korean shares closed 0.78 percent higher Friday
as investors hunted for bargains following steep losses the previous session,
analysts said. The local currency rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 10.78 points to
1,391.73. Volume was heavy at 677.5 million shares worth 6.64 trillion won
(US$5.28 billion), with gainers outpacing losers 474 to 341.
"Taking comfort from overnight gains in the U.S., investors bought beaten-down
financial and technology stocks," said Kwak Joong-bo, an analyst at Hana
Investment & Securities.
U.S. stocks closed up Thursday despite news of higher than expected unemployment
figures. The Dow Jones industrial average gained 0.56 percent and the tech-laden
Nasdaq composite index inched up 1.50 percent.
The Seoul bourse was fueled by bargain hunting, which followed a 2.37-percent
loss in the previous session. A further rally, however, was hampered by massive
sales by institutions that amounted to 261 billion won.
Market bellwether Samsung Electronics rose 1.93 percent to 555,000 won,
rebounding from Thursday's loss.
Most financial shares traded in positive territory, with KB Financial Group
rising 4.24 percent to 44,300 won and its rival Woori Finance Holdings surging
6.73 percent to 11,100 won.
The local currency ended at 1,257 won against the dollar, up 10.2 won from
Thursday's close, as foreign investors bought the Korean currency, dealers said.
Bond prices, which move inversely to yields, closed lower. The return on
three-year Treasuries gained 0.02 percentage point to 3.79 percent, and the
benchmark yield on five-year government bonds rose 0.02 percentage point to 4.47
percent.
ygkim@yna.co.kr
(END)