Seoul shares end 0.79 pct higher on tech, brokerage gains

(ATTN: ADDS bond yields at bottom)
By Kim Soo-yeon
SEOUL, Nov. 11 (Yonhap) -- South Korean stocks closed 0.79 percent higher
Wednesday as investors snapped up tech blue chips and securities shares, analysts
said. The local currency rose against the U.S. dollar.
After range-bound trading, the benchmark Korea Composite Stock Price Index
(KOSPI) climbed 12.52 points to 1,594.82. Volume was moderate at 251.4 million
shares worth 3.2 trillion won (US$2.73 billion) with gainers outpacing losers 457
to 315.
"Trading has been sluggish in recent sessions, but today, the KOSPI gained some
ground toward the market close, led by brokerage shares," said Rhoo Yong-seok, an
analyst at Hyundai Securities Co.
The KOSPI traded weaker in the morning session as investors remained cautious
ahead of a key rate decision and options expiry, both of which fall on Thursday.
But in late trading, the index moved to positive territory mainly because
institutional investors expanded their buying of local stocks, analysts said.
The Bank of Korea (BOK), South Korea's central bank, is widely expected to freeze
the benchmark seven-day repo rate at a record low of 2 percent, but investors are
awaiting remarks by the BOK chief to gauge the timing of a possible rate hike.
Market leader Samsung Electronics rose 1.1 percent to 735,000 won and flat panel
giant LG Display gained 2.21 percent to 30,000 won.
No. 3 financial services company Shinhan Financial Group added 2.24 percent to
47,900 won and top carrier Korean Air Lines advanced 2.48 percent to 47,500 won
on expectations that rising cargo demand would help the company post better
earnings in the fourth quarter.
Shares of SK C&C, the information-system developing unit of SK Group, jumped
10.54 percent to 35,600 won on its first day of trading on the main bourse.
The local currency ended at 1,157.9 won against the greenback, up 4.3 won from
Tuesday's close, as offshore investors unloaded the greenback, dealers said.
Bond prices, which move inversely to yields, closed higher. The return on
three-year Treasuries declined 0.05 percentage point to 4.42 percent and the
benchmark yield on five-year government bonds lost 0.03 percentage point to 4.92
percent.
sooyeon@yna.co.kr
(END)