Seoul stocks end higher on upbeat earnings forecast

SEOUL, Oct. 14 (Yonhap) -- South Korean stocks finished 1.24 percent higher Wednesday as market sentiment was boosted by optimism about third-quarter corporate earnings, analysts said. The local currency rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 20.16 points to
close at 1,649.09, snapping two days of market falls. Volume was moderate at 403
million shares worth 4.9 trillion won (US$4.2 billion) with gainers outnumbering
losers 450 to 307.
"Upbeat earnings hopes for steelmakers including POSCO boosted expectations that
other industries will report better than expected business results, driving up
the KOSPI," said Kwak Jung-bo, an analyst at Hana Daetoo Securities.
POSCO, the world's fourth-largest steel producer, is expected to report a
stronger-than-expected third-quarter result thanks to falling raw material costs
and rising demand. The steel giant is scheduled to release the earnings later in
the day.
POSCO jumped 4.25 percent to 515,000 won while its smaller local rival Hyundai
Steel also advanced 6.66 percent to settle at 81,700 won.
Top chemical producers LG Chem rose 1.44 percent to 211,000 won after the firm on
Tuesday reported its biggest-ever operating profit for the July-September period.
Tech shares were also boosted after its U.S. tech giant Intel's
better-than-expected net profit of US$1.9 billion in the third quarter helped to
lift optimism for the overall IT sector.
Computer memory chip giant Samsung Electronics climbed 1.59 percent to 769,000
won and smaller rival Hynix Semiconductor gained 0.97 percent to end at 20,800
won.
The local currency finished at 1,164.8 won to the U.S. dollar, up 4 won from
Tuesday's close. The local unit rose back to a yearly high as investor sentiment
got a boost from better than expected job data.
pbr@yna.co.kr