Seoul stocks finish 0.6 pct higher on GDP upgrade

SEOUL, Dec. 4 (Yonhap) -- South Korean stocks closed 0.6 percent higher as
stronger third-quarter growth data boosted recovery optimism, analysts said. The
local currency climbed against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) gained 9.76 points to end
at 1,624.76, taking its winning streak to a fifth session. Volume was light at
276 million shares, worth 4.4 trillion won (US$3.8 billion) with gainers
outnumbering losers 494 to 286.
"The market took upward momentum from a GDP upgrade and solid program buying
among institutional investors," said Park Ok-hee, an analyst at IBK Securities.
Revising upward its previous estimate of 2.9 percent, the Bank of Korea said
earlier in the day the nation's gross domestic product accelerated 3.2 percent in
the third quarter from three months earlier, the fastest quarterly growth rate in
over seven years.
The central bank attributed the higher result to robust manufacturing growth.
Airline operators finished sharply higher on expectations demand growth for air
travel will gain traction on the back of the economic growth. Top carrier Korean
Air jumped 5.29 percent to 53,700 won and smaller rival Asiana Airlines advanced
4.54 percent to end at 3,915 won.
LG Electronics extended its gains after climbing 2.67 percent to 115,000 won on
stellar earnings projections for the current quarter.
Leading shipbuilder Daewoo Shipbuilding and Marine Engineering surged 5.39
percent to 15,650 won one day after saying it clinched an order to build two wind
power generation ships for $300 million for German utility firm RWEI.
The local currency ended at 1,153.0 won to the U.S. dollar, up 2.3 won from
Thursday's close as the higher growth data drove up demand for the won, dealders
said.
pbr@yna.co.kr
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