Seoul stocks end 0.29 pct higher on auto, tech gains

SEOUL, Aug. 21 (Yonhap) -- South Korean stocks ended 0.29 percent higher Friday,
boosted by strong gains for auto and tech companies, analysts said. The local
currency fell against the U.S. dollar.
Reversing falls in late-trading, the benchmark Korea Composite Stock Price Index
(KOSPI) climbed 4.59 points to close at 1,580.98. Volume was moderate at 507.3
million shares worth 8 trillion won (US$6.4 billion) with losers outnumbering
gainers 513 to 316.
"Gains were led by drugmakers and a few market heavyweights, including tech and
auto firms," said Lee Seung-woo, an analyst at Daewoo Securities.
Sluggish trading in other Asian markets and a cutback in foreign buying increased
volatility in local markets, Lee said, adding the choppy trading is expected to
continue for some time.
Memory-chip giant Samsung Electronics surged 2.3 percent to 757,000 won after the
company said a U.S. investigation over alleged price-fixing in the chip industry
ended without charges.
Automakers extended their winning run as upbeat overseas performances continued
to fuel investor confidence. Top carmaker Hyundai Motor shot up 3.1 percent to
103,000 won with its affiliate Kia Motors rising 1.74 percent to end at 17,500
won.
An increase in influenza A patients also prodded investors to flock to vaccine
makers, sending Green Cross up 14.94 percent to 177,000 won.
SK Chemicals, a leading chemicals maker, rose by the daily limit of 14.88 percent
to 66,440 won on reports it agreed with international trader Trafigura to provide
biodiesel next year.
Constructors and machinery shares, however, closed sharply lower.
Doosan Infracore, top construction equipment maker, plunged 6.92 percent to
14,800 won and leading builder Daewoo Engineering & Construction plummeted 5.12
percent to 13,900 won.
Largest air carrier Korean Air declined 3.67 percent to 40,700 won on concerns
that rising cases of influenza A would cripple demand for air travel.
The local currency closed at 1,249.7 won to the U.S. dollar, down 2.8 won from
Thursday's close as foreign investors shed the won on heightened risk aversion,
dealers said.
pbr@yna.co.kr
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