Seoul stocks end higher on strengthened won

SEOUL, Dec. 17 (Yonhap) -- South Korean shares closed slightly higher Thursday as a stabilizing local currency mitigated investor fears of the domestic economy, analysts said. The South Korean won gained against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) added 6.16 points, or
0.53 percent, to close at 1,175.91. Volume was heavy at 550.13 million shares
worth 5.82 trillion won (US$4.50 billion), with gainers outpacing losers 471 to
377.
"Relentless foreign selling, which was a major drag for the key index, has
subsided somewhat as a strengthening local currency eased investor jitters about
the local capital market," said Kwak Jung-bo, an analyst at Hana Daetoo
Securities.
The won gained versus the greenback for a fourth consecutive day, finishing
within the 1,200 won range for the first time in about six weeks.
The local currency ended at 1,289.25 won to the dollar, up 35.35 won from
Wednesday's close, as overseas investors increased their won holdings, dealers
said.
Wall Street ended lower Wednesday due to a string of bleak earnings reports, a
day after the Fed's record interest rate cut sent the market sharply higher. The
Dow Jones industrial average fell 1.12 percent and the tech-dominated Nasdaq shed
0.67 percent.
Telecom shares were the biggest gainers, with the country's largest fixed-line
operator KT shooting up 4.03 percent to 38,700 won. Top mobile carrier SK Telecom
surged 1.90 percent to 214,500 won and LG Dacom, another fixed-line operator,
jumped 5.87 percent to end at 19,850 won.
Retailers added to the overall advance with retail giant Lotte Shopping soaring
4.43 percent to 212,000 won and Shinsegae rising 2.81 percent to 494,500 won.
Recently beaten-down steel makers also gained ground. POSCO, the nation's largest
steel mill, edged up 0.2 percent to 392,500 won and Dongkuk Steel Mill added 0.36
percent to 27,700 won.
IT exporters, however, closed mixed. LG Electronics plunged 6.63 percent to
76,100 won. LG Display also shed 2.29 percent to 23,450 won while market
bellwether Samsung Electronics gained 1.85 percent to end at 468,000 won. Hynix
Semiconductor surged 12.45 percent to finish at 8,130 won.
pbr@yna.co.kr
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