Seoul shares end 0.28 pct higher on steel, builder gains

SEOUL, Nov. 9 (Yonhap) -- South Korean stocks closed 0.28 percent higher Monday
as investors snapped up steelmakers, builders and tech shares, following gains in
U.S. markets, analysts said. The local currency rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) advanced 4.33 points to
1,576.79. Volume was moderate at 242.4 million shares worth 3.43 trillion won
(US$2.95 billion), with gainers outpacing losers 442 to 327.
"The momentum for the market was generally stagnant with a lack of leads. The
KOSPI's earlier gains were cut toward the market close," said Kwak Joong-bo, an
analyst at Hana Daetoo Securities.
Kwak said the KOSPI may trade weaker this week as market uncertainty could
increase ahead of the central bank's monthly rate decision and option expiry,
both of which fall on Thursday.
Institutional and foreign investors remained net buyers of local stocks on the
main bourse, lending support to the key index, but the KOSPI's gains were cut
during the session as retail investors went into selling mode.
Large caps including tech and steelmakers gained ground on the back of
institutional buying. Market leader Samsung Electronics rose 0.28 percent to
724,000 won and chip giant Hynix Semiconductor jumped 3.94 percent to 19,800 won.
Steelmakers traded in positive territory after local steelmaking companies said
they plan to spend 18.71 trillion won over the next three years in upgrading and
expanding facilities. Top steelmaker POSCO climbed 1.91 percent to 533,000 won.
But Ssangyong Motor tumbled by the daily limit of 15 percent to 2,725 won after a
South Korean bankruptcy court delayed Friday its decision on whether to approve a
turnaround plan by the ailing carmaker because a majority of foreign bondholders
voted against it.
U.S. markets closed higher Friday, despite a disappointing job report. The Dow
Jones industrial average rose 0.17 percent and the tech-laden Nasdaq composite
index added 0.34 percent.
The local currency ended at 1,161 won against the greenback, up 7 won from
Friday's close, as foreign investors scooped up Seoul stocks, dealers said.
sooyeon@yna.co.kr
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