Seoul shares end 0.61 pct higher on foreign buying

SEOUL, Oct. 20 (Yonhap) -- South Korean stocks closed 0.61 percent higher Tuesday
as foreign investors picked up tech and transportation shares following overnight
gains in U.S. markets, analysts said. The local currency rose against the U.S.
dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) gained 10.08 points to
1,659.15. Volume was moderate at 397.6 million shares worth 4.75 trillion won
(US$4.07 billion) with gainers outpacing losers 431 to 344.
"Foreign buying helped the KOSPI trade in positive territory, but the market is
generally lacking strong upward momentum," said Park Seung-jin, an analyst at
Samsung Securities Co.
Although foreign investors bought a net 227 billion won worth of Seoul stocks,
sell-offs by institutional and retail investors prevented the KOSPI from rising
further.
Flat panel giant LG Display rose 3.3 percent to 32,900 won and KB Financial
Group, the country's No. 2 financial services firm, gained 1.78 percent to 63,000
won after top steelmaker POSCO and KB said they will buy 250 billion won worth of
each other's shares.
No. 1 department store chain Lotte Shopping advanced 3.95 percent to 315,500 won
on its agreement to buy Chinese supermarket operator Times for up to 735 billion
won.
The local currency ended at 1,165.9 won against the greenback, up 5.1 won from
Monday's close, as foreign investors increased their holdings of local stocks,
dealers said.
sooyeon@yna.co.kr
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