Seoul shares inch up on foreign buying

By Lee Youkyung
SEOUL, July 28 (Yonhap) -- South Korean stocks closed 0.13 percent higher Tuesday
as foreigners continued their buying spree on hopes of positive U.S. consumer
data, analysts said. The local currency gained against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) inched up 1.98 points to
1,526.03 in range-bound trading. Volume was moderate at 422.7 million shares
worth 5.49 trillion won (US$4.41 billion), with advancers outpacing decliners 447
to 365.
"The index managed to close in positive territory on recent earnings surprises,"
said Bae Sung-young, an analyst at Hyundai Securities. "Investor sentiment was
also lifted by not so bad expectations for the U.S. consumer confidence index due
out on Tuesday."
Foreign investors remained net buyers for the 10th consecutive session, providing
upward momentum to some large caps.
Top carrier Korean Air soared 6.55 percent to 41,500 won on forecasts that it
stands to benefit from increasing air traffic during summer and growing cargo
demand.
Leading mobile carrier SK Telecom rose 1.67 percent to 182,500 won after
reporting its second-quarter earnings rose 4.6 percent on-year to 311.6 billion
won earlier in the day.
No. 1 construction equipment maker Doosan Infracore jumped 5.52 percent to 16,250
won, a day ahead of filing its quarterly earnings report.
Chip giant Hynix Semiconductor, however, declined 1.39 percent to 17,750 won
after surging 10.09 percent in the previous session. Top automaker Hyundai Motor
dropped 1.16 percent to 85,500 won on profit-taking
The local currency ended at 1,236.5 won against the greenback, up 7.5 won from
Monday's close, as offshore investors snapped up local stocks, dealers said.
ylee@yna.co.kr
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