Seoul stocks end 0.68 pct higher on large-cap gains

(ATTN: ADDS bond yields at bottom)
By Lee Youkyung
SEOUL, July 30 (Yonhap) -- South Korean shares closed 0.68 percent higher
Thursday as Samsung Electronics and other large caps surged on upbeat outlooks,
analysts said. The local currency gained against U.S. dollar.
Reversing earlier losses, the benchmark Korea Composite Stock Price Index (KOSPI)
added 10.42 points to a new yearly high of 1,534.74. Volume was moderate at 422
million shares worth 5.46 trillion won (US$4.42 billion) with losers outpacing
gainers 423 to 366.
"Large-cap gains helped the key index finish in positive territory though the
market was weighed down by worries about the Chinese market," said Lee Young, an
analyst at IBK Securities.
Market leader Samsung Electronics added 2.44 percent to 714,000 won on growing
hopes that the electronics behemoth will fare better down the road.
Top steelmaker POSCO advanced 2.88 percent to 482,500 won, bolstered by
expectations of a rise in demand for steel. No. 2 steelmaker Hyundai Steel also
rose 2.69 percent to 68,800 won, extending its winning streak to 13 sessions.
Shipbuilders closed in positive territory, encouraged by recent overseas deals.
Leading shipbuilder Hyundai Heavy Industries climbed 1.93 percent to 211,500 won
and its smaller rival Samsung Heavy Industries advanced 0.94 percent to 32,300
won.
Automakers finished mixed. Hyundai Motor gained 1.03 percent to 88,000 won, but
Kia Motors finished 0.32 percent lower at 15,450 won.
Cash-strapped Ssangyong Motor spiked 14.93 percent to 2,040 won on resumed
dialogue between its labor union and management to end a crippling two-month
strike.
The local currency ended at 1,236.8 won against the greenback, up 3.1 won from
Wednesday's close, as overseas investors continued to snap up local stocks,
dealers said.
Bond prices, which move inversely to yields, closed higher. The return on
three-year Treasuries shed 0.02 percentage point to 4.15 percent and the
benchmark yield on five-year government bonds lost 0.04 percentage point to 4.67
percent.
ylee@yna.co.kr
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