Seoul shares edge up on rise in automakers, shipbuilders

(ATTN: ADDS bond yields at bottom)
SEOUL, Dec. 15 (Yonhap) -- South Korean shares closed 0.06 percent higher Tuesday
as gains in automakers and shipbuilders offset losses in large-cap tech and
construction shares, analysts said. The local currency fell against the U.S.
dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) gained 1.08 points to
1,665.85, extending a winning streak to a fifth session. Volume was thin at 357
million shares worth 4.93 trillion won (US$4.25 billion) with gainers outpacing
losers 420 to 358.
"Although institutional investors unloaded shares through program-related
selling, retail and foreign investors shored up the market on hopes for a
year-end rally," said Sim Jae-yup, an analyst at Meritz Securities.
Automakers finished higher amid a robust industry outlook. Hyundai Motor, the
country's leading automaker, gained 1.38 percent to close at 110,500 won, and its
affiliate Kia Motors rose 1.8 percent to 19,800 won.
Shipbuilders ended in positive terrain. Hyundai Heavy Industries, the nation's
No.1 shipyard, gained 0.59 percent to 171,000 won. Its affiliate Hyundai Mipo
Dockyard jumped 5.19 percent to 111,500 won.
Large-cap tech and auto exporters ended lower, however, as investors cut holdings
on profit-taking. Market leader Samsung Electronics fell 0.26 percent to 777,000
won.
Doosan Infracore, the country's leading construction equipment maker, rose 4.86
percent to 17,250 won on speculation that the sale of its treasury shares would
help boost its fragile financial status.
The Korean won finished at 1,161.5 to the greenback, down 4.3 won from Monday's
close, as traders unloaded the local currency following Monday's surge.
Bond prices, which move inversely to yields, closed sharply higher. The return on
three-year Treasuries fell 0.07 percentage point to 4.18 percent, and the
benchmark yield on five-year government bonds declined 0.09 percentage point to
4.68 percent.
sam@yna.co.kr
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