SEOUL, July 22 Seoul shares ended 0.5 percent
higher on Monday helped by rallies in shipyards such as Hyundai
Heavy Industries Co Ltd as the latest string of new
orders pointed to a long-awaited improvement in the ailing
The Korea Composite Stock Price Index (KOSPI) finished up at
1,880.35 points, snapping a two-day losing streak.
Foreign investors were buyers of a net 19 billion Korean won
($16.94 million) worth of stocks after two straight sessions of
Hyundai Heavy Industries rose 4.8 percent, Daewoo
Shipbuilding & Marine Engineering Co Ltd climbed 3.1
percent and Samsung Heavy Industries Co Ltd rose 1.8
But technology and auto heavyweights underperformed. Samsung
Electronics Co Ltd, the biggest share on the main
KOSPI, ended flat.
Kia Motors Corp, the fifth biggest share on the
main KOSPI, dipped 0.7 percent. A big win at the polls by
Japanese Prime Minister Shinzo Abe in upper house elections gave
the green light for prolonged monetary stimulus, potentially
spurring weakness in the Japanese yen currency.
A weak yen tends to put South Korean exporters at a
disadvantage against their Japanese rivals in overseas markets.
($1 = 1121.7500 Korean won)
(Reporting by Jungyoun Park; Editing by Jacqueline Wong)