Seoul stocks end 0.13 pct higher on tech gains

By Park Bo-ram
SEOUL, June 26 (Yonhap) -- South Korean stocks finished 0.13 percent higher
Friday as tech firms posted strong gains on foreign buying, analysts said. The
local currency climbed against the U.S. dollar.
The benchmark Korea Composite Stocks Price Index (KOSPI) added 1.8 points to
1,394.53 after alternating between small gains and losses. Volume was light at
416.24 million shares worth 4.5 trillion won (US$3.5 billion), with winners
outnumbering losers 400 to 397.
"Gains by IT shares lifted the key index as investors bet on upbeat earnings for
the second and third quarter," said Hwang Bin-ah, an analyst at Kyobo Securities.

Amid no particular positive news, however, the key index remained in a tight
range. "The KOSPI has been trapped in the 1,350-1,440 range since May as
investors lacked conviction that an economic recovery was in the offing," said
Lee Jae-hoon, an analyst at Mirae Asset Securities.
Chip giant Samsung Electronics climbed 1.36 percent to reach 596,000 won, the
highest in almost two months. Consumer electronics giant LG Electronics also rose
1.28 percent to 118,500 won.
Ssangyong Motor, the smallest auto firm, rose 3.94 percent to 1,980 won after the
company, currently dealing with a strike among its workers over downsizing
efforts, proposed a plan to end a month-long strike.
But top power-equipment maker Doosan Heavy Industries & Construction fell 4.38
percent to 65,500 won after it sold 3 million of shares to raise liquidity. The
company is said to be seeking to acquire Czech turbine maker Skoda Power for an
estimated 800 billion won.
The local currency finished at 1,284.3 won to the U.S. dollar, up 4.5 won from
Thursday's close, after the Bank of Korea reported that the country registered a
current account surplus of US$3.63 billion in May, the fourth straight monthly
surplus.
pbr@yna.co.kr
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