Seoul stocks close 0.21 pct higher on bargain hunting

SEOUL, Aug. 18 (Yonhap) -- South Korean stocks finished 0.21 percent higher
Tuesday as institutional bargain hunting boosted tech shares, analysts said.


The
local currency climbed against the U.S. dollar.
After moving between gains and losses, the benchmark Korean Composite Stock Price
Index (KOSPI) managed to add 3.18 points to 1,550.24. Volume was moderate at
592.1 million shares worth 6.4 trillion won (US$5.1 billion) with losers
outnumbering winners 553 to 269.
"The KOSPI managed to gather slight ground as institutional investors fed tech
rallies," said Won Sang-pil, an analyst at Tong Yang Securities.
Chip giant Samsung Electronics surged 2.38 percent to 730,000 won and smaller
chip producer Hynix Semiconductor gained 1.86 percent to end at 19,150 won.
Leading carmaker Hyundai Motor rose 2.34 percent to 91,700 won, fueled by strong
overseas sales.
NHN, the operator of the nation's biggest internet portal site Naver, jumped 2.47
percent to 166,000 won after JP Morgan gave a positive rating of its
newly-launched online game.
Steel makers and financial firms, however, lost ground with top financial
services firm KB Financial Group sliding 1.36 percent to 50,700 won. POSCO fell
1.07 percent to 461,000 won.
The local currency closed at 1,246.3 won to the U.S. dollar, up 10.6 won from
Monday's close, on revived risk appetites for emerging currencies, dealers said.
pbr@yna.co.kr
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