Seoul stocks end up 0.65 pct on U.S. gains

SEOUL, June 12 (Yonhap) -- South Korean stocks closed 0.65 percent higher Friday as investors took comfort from overnight Wall Street gains, analysts said.

The
local currency inched down against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) gained 9.20 points to
1,428.59. Volume was moderate at 500.47 million shares worth 5.26 trillion won
(US$4.18 billion), with gainers outpacing losers 460 to 328.
"The key index gained ground as investors, emboldened by overnight U.S. gains,
bought large-cap shares across the board," said Baek Hyo-won, an analyst at Hana
Daetoo Securities.
U.S. stock markets closed higher on Thursday with the Dow Jones industrial
average advancing 0.37 percent and the tech-laden Nasdaq composite index gaining
0.50 percent.
The Seoul bourse, however, cut its earlier gains in late trading on massive
selling by institutions, Baek said.
Most large-cap exporters finished in positive territory on expectations that
South Korean exports to the U.S. will improve after a better-than-expected report
on U.S. retail growth.
Chip giant Hynix Semiconductor rose 0.39 percent to 12,950 won and South Korean
electronics giant LG Electronics gained 2.08 percent to 122,500.
No. 1 steelmaker POSCO also gained 3.22 percent to 423,500 won amid the news of
rises in steel prices in China and the U.S.
Market bellwether Samsung Electronics, however, shed 0.17 percent to close at
584,000 won, dragged by institutional selling in the late trading session.
The local currency ended at 1,253.9 won to the dollar, down 0.9 won from
Thursday's close, as local companies bought the greenback to settle import bills,
dealers said.
Bond prices, which move inversely to yields, ended mixed. The return on
three-year Treasuries jumped 0.08 percentage point to 4.30 percent, while the
benchmark yield on five-year government bonds shed 0.07 percentage point to 4.90
percent.