Seoul stocks end 0.37 pct higher on tech gains

By Kim Young-gyo
SEOUL, July 7 (Yonhap) -- South Korean stocks finished 0.37 percent higher
Tuesday as investors snapped up electronics shares amid rising expectations for
second-quarter earnings, analysts said. The local currency fell against the U.S.
dollar.
The benchmark Korea Composite Stocks Price Index (KOSPI) added 5.26 points to end
at 1,434.20. Volume was moderate at 446.26 million shares worth 4.94 trillion won
(US$3.88 billion), with losers outpacing gainers 398 to 396.
"The key index extended its gains from the previous session, largely boosted by
Samsung Electronics' earnings estimate," said Lee Kyung-min, an analyst at Woori
Investment and Securities.
"However, the upbeat mood was limited to electronics shares, which rose 2.5
percent."
Market bellwether Samsung Electronics rose 2.52 percent to close at 650,000 won.
Its domestic rival LG Electronics also jumped 5.28 percent to 129,500 won with
its affiliate and world's second largest display maker LG Display rising 1.18
percent to 34,300 won.
However, steel makers and builders lost ground, with the country's leading steel
maker POSCO shedding 1.39 percent to 425,000 won and third largest builder
Hyundai Engineering & Construction dropping 2.14 percent to 54,800 won.
The South Korean won finished at 1,273.1 won to the U.S. dollar, down 4.6 won
from Monday's close, as an absence of major news led it to trade in a tight
range, dealers said.
ygkim@yna.co.kr
(END)