Seoul stocks end up 0.41 pct on earnings surprises

By Park Bo-ram
SEOUL, July 24 (Yonhap) -- South Korean stocks closed 0.41 percent higher Friday
as large caps registered better-than-expected earnings for the second quarter,
analysts said. The local currency fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) climbed 6.1 points to
1,502.59, the first close above the 1,500 level since Sept. 25. Volume was
moderate at 525.4 million shares worth 6.4 trillion won (US$5.1 billion), with
gainers outnumbering losers 476 to 310.
"Better-than-expected earnings reports continued to propel gains across the
board," said Jeon Ji-won, an analyst at Kiwoom Securities.
Investor sentiment was further buoyed by a report by the Bank of Korea that the
economy grew 2.3 percent in the April-June period from three months earlier.
Market heavyweight Samsung Electronics rose 0.74 percent to 683,000 won after it
reported its second-quarter earnings gained 5 percent on-year.
Lotte Shopping, operator of the country's top department store chain, added 2.33
percent to 286,000 won after it announced a 19 percent increase in its bottom
line for the second-quarter.
Shipbuilders finished sharply higher as investors replenished their depleted
portfolios. Hanjin Heavy Industries & Construction shot up 6.67 percent to 29,600
won and global leader Hyundai Heavy Industries & Construction soared 4.3 percent
to 218,500 won.
Steelmakers closed substantially higher with No. 2 player Hyundai Steel jumping
2.93 percent to settle at 63,400 won. Top steel producer POSCO surged 2.21
percent to 485,000 won.
The South Korean won ended at 1,249.6 won to the greenback, down 0.9 won from
Thursday's close, as importers bought the dollar to pay bills, dealers said.
pbr@yna.co.kr
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