Seoul stocks rise 1.76 pct on tech gains

SEOUL, Jan. 6 (Yonhap) -- South Korean stocks rose 1.76 percent Tuesday, gaining
for a fourth session, as tech shares jumped on ascending chip prices, analysts
said. The local currency gained against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) gained 20.71 points to
1,194.28. Volume was heavy at 437.82 million shares worth 5.49 trillion won
(US$4.18 billion), with winners outpacing losers 599 to 242.
"A price hike in memory chips boosted investor appetites for tech shares as it is
widely expected to improve the companies' performance," said Oh Jae-yol, an
analyst at IBK Securities. "Foreigners' continued net buying also added to the
market rally."
As of Monday, the price of the benchmark DRAM chip soared 5.17 percent from the
end of December last year, according to Taiwanese market tracker Dramexchange.
Foreign investors were net buyers for a fifth straight session Tuesday, the
longest buying streak since April 2007, according to the bourse operator.
Market leader Samsung Electronics surged 4.62 percent to close at 498,000 won and
Hynix Semiconductor added 2.08 percent to 7,360 won. LG Electronics advanced 3.32
percent to close at 80,900 won.
Shinsung Holdings, a solar-power material producer, rose by the daily limit of
14.92 percent to 7,010 won after the government pledged to spend 50 trillion won
on "green" development projects.
Ssangyong Motor, the local unit of Chinese SAIC, soared by the daily limit of
14.91 percent to 1,310 won after it said Monday the parent company injected $45
million to the money-losing automaker.
Shipbuilders also extended gains with Daewoo Shipbuilding and Marine Engineering
advancing 10.74 percent to 20,100 won. second-biggest dockyard Samsung Heavy
Industries gained 4.62 percent to end at 27,150 won.
The local currency finished at 1,312.5 won to the dollar, up 1 won from Monday's
close, as foreign investors sold the greenback to purchase local shares, dealers
said.
pbr@yna.co.kr
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