Seoul stocks end 0.24 pct higher on tech gains

By Park Bo-ram

SEOUL, June 24 (Yonhap) -- South Korean stocks closed 0.24 percent higher Wednesday as investors snapped up tech shares on outlooks for improved earnings, analysts said. The local currency gained against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) edged up 3.24 points to
1,363.79. Volume was moderate at 423.5 million shares worth 4.41 trillion won
(US$3.4 billion), with losers outpacing gainers 445 to 355.
"The key index inched up as prospects for improved earnings by tech companies
lured investors," said Lim Na-ra, an analyst at Hanhwa Securities.
Memory-chip behemoth Samsung Electronics rose 0.87 percent to 580,000 won after
reporting an alliance with U.S. chip-maker Numonyx B.V. to develop a shared
standard for a next-generation memory chip.
LCD giant LG Display finished up 2.72 percent at 32,050 won after local brokerage
Eugene Investment & Securities said "its earnings will improve more than expected
in the second to third quarter on firming panel prices."
Beaten-down shipbuilders also finished stronger as investors hunted for bargains.
Leading shipyard Hyundai Heavy Industries climbed 1.08 percent to 187,000 won and
No. 2 player Samsung Heavy Industries gained 2.14 percent to 28,700 won.
Kia Motors, an affiliate of top automaker Hyundai Motor, gained 2.72 percent to
13,200 won, boosted by the carmakers' resilient sales in the U.S.
The local currency ended at 1,283.5 won against the dollar, up 7.3 won from
Tuesday's close. The local unit snapped its five-day losing streak on exporters'
demand for the won, dealers said.
Bond prices, which move inversely to yields, closed higher. The return on
three-year Treasuries dropped 0.05 percentage point to 4.07 percent and the
benchmark yield on five-year government bonds also declined 0.05 percentage
point to 4.65 percent.