Seoul stocks end 3.14 pct higher on bargain hunting

(ATTN: RECASTS lead; ADDS bond yields at bottom)
By Kim Young-gyo
SEOUL, June 10 (Yonhap) -- South Korean stocks closed 3.14 percent higher
Wednesday on bargain hunting by institutions and foreign investors, analysts
said. The local currency rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) climbed 43.04 points to
1,414.88. Volume was moderate at 488.19 million shares worth 5.92 trillion won
(US$4.75 billion), with gainers outpacing losers 574 to 242.
"The key index gathered upward momentum as institutional and foreign investors
hunted for beaten-down shares after two-days of decline," said Lee Seung-woo, an
analyst at Daewoo Securities.
Market heavyweight firms across the board led the bullish trading. Samsung
Electronics gained 3.89 percent to 587,000 won.
Leading automaker Hyundai Motor Co. soared 6.32 percent to 72,300 won.
Financial stocks gathered substantial ground with KB Financial Group, which
controls top lender Kookmin Bank, jumping 6.41 percent to end at 41,500 won.
The local currency ended at 1,246.7 won against the dollar, up 18.3 won from
Tuesday's close, boosted by foreign investors' buying of local stocks, dealers
said.
Bond prices, which move inversely to yields, ended lower. The return on
three-year Treasuries gained 0.01 percentage point to 4.04 percent, and the
benchmark yield on five-year government bonds rose 0.03 to 4.78 percent.
ygkim@yna.co.kr
(END)