Seoul stocks close 0.35 pct higher on foreign buying

SEOUL, Dec. 23 (Yonhap) -- South Korean stocks finished 0.35 percent higher after
range-bound trading Wednesday as foreign investors continued buying for a second
session, analysts said. The local currency dropped against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) managed to add 5.81
points to 1,661.35 after moving in a narrow range. Volume was moderate at 344.9
million shares worth 3.8 trillion won (US$3.21 billion) with losers leading
winners 479 to 325.
"After moving in a tight range, large-cap shares led the market's slight gain,"
said Lee Kyung-soo, an analyst at Shinyoung Securities Co. "Exporters continued
their upward streak as expectations on the U.S. economy grow."
The Dow Jones industrial average rose 0.49 percent and the tech-laden Nasdaq
composite index added 0.67 percent.
Blue-chip tech shares helped the key index trade in positive terrain with chip
giant Samsung Electronics adding 0.38 percent to 784,000 won and smaller chip
producer Hynix Semiconductor earning 0.46 percent to end at 22,000 won.
Shares of leading carmaker Hyundai Motor advanced 1.75 percent to 116,500 won.
Bank shares, however, shed more than 2.5 percent after gains in the previous
session on renewed fears over new global banking regulations.
KB Financial Group, the top financial service firm by net profit, dropped 0.34
percent to 58,700 won and its smaller rival Woori Finance Holdings lost 2.56
percent to settle at 17,150 won.
The local currency closed at 1,183.6 won to the U.S. dollar, down 3.7 won from
Tuesday's close, as offshore investors increased their holding of the greenback,
dealers said.
ygkim@yna.co.kr
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