Seoul stocks end up 0.52 pct on heavy foreign buying

SEOUL, May 20 (Yonhap) -- South Korean shares closed up 0.52 percent Wednesday as
foreign investors bought tech, banking and other large-cap shares on eased
economic woes and stabilizing financial markets, analysts said. The local
currency inched down against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 7.49 points to
1,435.7. Volume was heavy at 690.4 million shares worth 6.64 trillion won (US$5.3
billion), with gainers outpacing losers 419 to 380.
"The market traded sideway throughout the day without marked direction but
massive buying buy foreigners helped the index end in positive territory," said
Lee Sun-yup, an analyst at Goodmorning Shinhan Securities. "Improved investor
sentiment along with stabilizing currency markets also contributed to the rise."
Foreigners remained strong buyers for a fourth straight day. Their net purchases
exceeded 500 billion won, with retailers and institutional investors trimming
holdings.
Major shares ended mixed with tech and banking issues among advancers.
NHN, the operator of the nation's largest Internet portal site, Naver, continued
to rally for a second straight day on heavy foreign buying, The company ended up
5.35 percent at 197,000 won. Industry leader Samsung Electronics advanced 1.05
percent to 576,000 won.
Banks also ended in positive territory. Shinhan Financial Group rose 1.07 percent
to 33,000 won, while Hana Financial Group inched up 0.18 percent to 28,450 won.
Steel shares, however, closed down, weighing on the market. No. 1 steelmaker
POSCO edged down 0.12 percent to 419,500 won after jumping 4.61 percent a day
earlier. Smaller Hyundai Steel fell 2.21 percent to 61,900 won.
The local currency moved in a tight range throughout the day, ending at 1,251 won
against the dollar, down 1.5 won from Tuesday's close, as little market-moving
news emerged, dealers said.
kokobj@yna.co.kr
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