Seoul stocks end 0.55 pct higher on bargain hunting

(ATTN: ADDS bond yields at bottom)
By Kim Young-gyo
SEOUL, June 19 (Yonhap) -- South Korean stocks closed 0.55 percent higher Friday
as investors went bargain hunting following recent losses, analysts said. The
local currency fell against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) climbed 7.58 points to
1,383.34. Volume was moderate at 461.64 million shares worth 4.21 trillion won
(US$3.32 billion), with losers outpacing gainers 399 to 378.
After choppy early trading, the key index gathered upward momentum as foreign and
retail investors hunted for beaten-down shares, analysts said.
"The key index was boosted as institutional and foreign investors hunted for
bargains after four days of declines," said Lee Seung-woo, an analyst at Daewoo
Securities.
Financial shares led the bullish trading as their U.S. counterparts were sent
higher in Thursday's session. Hana Financial Group rose 1.36 percent to 26,100
won, and KB Financial Group, which controls top lender Kookmin Bank, gained 1.65
percent to 40,000 won.
Market leader Samsung Electronics, however, extended its losses, falling 0.53
percent to 562,000 won as institutional investors sold for the second day on
profit-taking.
The local currency ended at 1,268.4 won against the dollar, down 2.1 won from
Thursday's close, as global demand for dollars increased due to rising oil
prices, dealers said.
Bond prices, which move inversely to yields, closed mixed. The return on
three-year Treasuries fell 0.03 percentage point to 4.17 percent, while the
benchmark yield on five-year government bonds rose 0.02 percentage point to 4.72
percent.
ygkim@yna.co.kr
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