Seoul stocks end up 0.71 pct on foreign buying

SEOUL, July 21 (Yonhap) -- South Korean stocks closed 0.71 percent higher Tuesday, bolstered by massive foreign buying, analysts said. The local currency gained against the U.S. greenback.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 10.48 points to
1,488.99, marking a sixth-day gaining streak. Volume was moderate at 507.9
million shares worth 6.6 trillion won (US$5.3 billion), with winners outnumbering
losers 443 to 342.
"Foreign investors scooped up nearly 400 billion won worth of local shares,
tracking recent bullish Wall Street trading," said Kang Hyun-cheol, an analyst at
Woori Investment & Securities. "Better-than-predicted second-quarter earnings
also continue to support the key index."
Top auto maker Hyundai Motor ended sharply higher, bolstered by its expanding
market share in the U.S and western Europe. The carmaker advanced 3.59 percent to
83,700 won with its affiliate Kia Motors adding 2.26 percent to 15,850 won.
Steel makers were also boosted on rising prices of steel products. Hyundai Steel
climbed 2.37 percent to 60,400 won. Top steel maker POSCO gained 1.44 percent to
settle at 459,000 won after reporting a plan to lift production by 6.4 percent
for this year.
Doosan Infracore, the largest producer of construction equipment, shot up 8.74
percent to 15,550 won thanks to growing demand for its excavators in China.
Retailers took momentum from rising local sales with Lotte Shopping, the operator
of the biggest department chain, jumping 5.66 percent to 280,000 won.
The South Korean won ended at 1,248.5 won to the U.S. dollar, up 1.7 won from
Monday's close, extending its winning streak to a sixth day. Solid foreign stock
buying boosted demand for the won, dealers said.
pbr@yna.co.kr
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