Seoul stocks end 0.91 pct higher on receding Dubai shocks

SEOUL, Dec. 1 (Yonhap) -- South Korean stocks closed 0.91 percent higher Tuesday
as investors continued to brush off Dubai debt woes, analysts said. The local
currency rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) climbed 14.12 points to
end at 1,569.72, pulling off a two-day winning streak. Volume was moderate at
297.4 million shares worth 4.4 trillion won (US$3.8 billion), with gainers
outnumbering losers 429 to 345.
"While the Korean market is still under the spell of the Dubai debt crisis, the
announcement by the UAE's central bank that it will provide liquidity to Dubai
World lent optimism to investors," said Kim Joong-won, an analyst at HMC
Investment Securities.
"Investors, however, still remained on the edge on lingering concerns that
European investors may de-leverage due to their exposure to the Dubai firm," Kim
said.
The key index gain was led by key exporters as concerns that a rising local
currency may hurt their overseas demand eased. The government said earlier in the
day the nation's exports rose 18.8 percent in November from a year earlier,
ending 13 months of declines.
Computer-memory chip giant and market heavyweight Samsung Electronics rose 2.36
to 737,000 won and LG Display surged 6.08 percent to end at 34,000 won.
Automakers also finished sharply higher as they reported stronger auto sales for
November. Ssangyong Motor, the country's smallest carmaker now under bankruptcy
protection, spiked 8.86 percent to 2,950 won after saying its auto sales rose
22.5 percent in November from a year ago, driven by rising domestic auto demand.
Largest carmaker Hyundai Motor also advanced 3.54 percent to 102,500 won with its
affiliate Kia Motors jumping 3.21 percent to settle at 17,700 won.
Banking shares added to the market gain with top financial service company KB
Financial Group advancing 1.72 percent to 59,000 won on eased Dubai woes.
Leading steel maker POSCO finished at 571,000 won, rising 2.33 percent.
The local currency finished at 1,161.1 won to the U.S. dollar, up 1.7 won from
Monday's close as foreign fund inflows boosted demand for the won, dealers said.
pbr@yna.co.kr
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