Seoul shares end 0.36 pct higher on financial gains

SEOUL, Aug. 6 (Yonhap) -- South Korean stocks closed 0.36 percent higher Thursday
as investors scooped up financial shares on better-than-expected second-quarter
earnings, analysts said. The local currency rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) climbed 5.57 points to
1,565.04, recovering from the previous session's fall. Volume was moderate at
484.9 million shares worth 6.03 trillion won (US$4.93 billion), with gainers
outpacing losers 450 to 340.
"After volatile trading, financial stocks eventually led the market's run," said
Lee Sun-yup, an analyst at Goodmorning Shinhan Securities Co. "Investors'
optimism on the economy outweighed overnight Wall Street falls."
Bank shares jumped on strong overall earnings reports. KB Financial Group, which
controls top lender Kookmin Bank, jumped 2.41 percent to 55,200 won and its rival
Shinhan Financial Group rose 2.17 percent to 42,350 won.
Tech blue chips, however, ended mixed. Market leader Samsung Electronics shed
2.46 percent to 715,000 won on profit taking, while the world's second largest
flat-screen maker LG Display added 1.76 percent to 34,650 won on the news its
monthly sales increased.
U.S. markets fell Wednesday following a disappointing report on the health of the
service industry, which has seen 10 straight months of decline. The Dow Jones
industrial average shed 0.42 percent and the Nasdaq composite index lost 0.91
percent.
The local currency ended at 1,222.5 won against the greenback, up 1.8 won from
Wednesday's close, as foreign investors increased their holdings in local stocks,
dealers said.
ygkim@yna.co.kr
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