Seoul shares close up 1.71 pct on bank, tech gains

By Lee Youkyung
SEOUL, Aug. 14 (Yonhap) -- South Korean stocks finished 1.71 percent higher
Friday as large-capped bank and tech issues rose on solid foreign buying,
analysts said. The local currency fell against the U.S. dollar.

The benchmark Korean Composite Stock Price Index (KOSPI) shot up 26.78 points to
1,591.42, the highest since July 31, 2008. Volume was moderate at 591 million
shares worth 6.71 trillion won (US$5.42 billion) with gainers outnumbering losers
454 to 354.
"Taking a cue from overnight U.S. gains, foreign investors pushed up prices of
big caps, sending the key index soaring," said Lee Jae-man, an analyst at
Tongyang Securities.
The state-invested Industrial Bank of Korea (IBK) rose 2.36 percent to 15,150 won
and No. 5 lender Korea Exchange Bank finished 3.45 percent higher at 12,000 won.
Tech shares were also among the risers. Market bellwether Samsung Electronics
jumped 4.13 percent to 731,000 won and Hynix Semiconductor advanced 4.08 percent
to 19,150 won.
Leading carrier Korean Air gained a modest 0.44 percent to 45,500 won after
reporting it swung back to a profit in the second quarter on foreign exchange
gains and lower fuel costs.
Smaller rival Asiana Airlines, however, shed 1.56 percent to 4,090 won after
Daewoo Securities reported that its earnings recovery in the third quarter would
be limited.
The local currency ended at 1,239.2 won to the U.S. dollar, down 1.9 won from
Thursday's close, as offshore dealers snapped up the greenback, dealers said.
ylee@yna.co.kr
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