Seoul shares jump 2.84 pct on stimulus plan

SEOUL, Jan. 7 (Yonhap) -- South Korean stocks closed 2.84 percent higher
Wednesday as builders got a big boost from a government stimulus package,
analysts said. The local currency jumped against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) surged 33.89 points to a
three-month high of 1,228.17, gaining for a fifth session. Volume was heavy at
561.81 million shares worth 7.55 trillion won (US$5.84 billion), with winners
outpacing losers 594 to 244.
"Builders were the biggest beneficiaries of the stimulus measures as they spurred
optimism across the board," said Bae Sung-yong, an analyst at Hyundai Securities.
The government unveiled on Tuesday a 50 trillion won "green" development plan to
refurbish the nation's four major rivers and build eco-friendly railways and
roads in a bid to boost employment.
Top builder Daewoo Engineering & Construction advanced by the daily limit of
14.58 percent to 11,000 won with Samsung C&T climbing 6.57 percent to 45,400 won.

Shipbuilders also jumped on a market report their fourth-quarter earnings may be
higher than expected. Hyundai Heavy Industries gained 5.68 percent to 232,500 won
with Daewoo Shipbuilding and Marine Engineering increasing 7.71 percent to 21,650
won.
Auto makers and tech companies finished sharply higher. Chip giant Samsung
Electronics jumped 5.22 percent to 524,000 won, rebounding to a two-month high
and Hyundai Motor soared 8.48 percent to 49,900 won.
The local currency finished at 1,292.5 won to the dollar, up 20 won from
Tuesday's close, as foreign investors purchased the won to extend their net
buying to a sixth consecutive session.
pbr@yna.co.kr
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