SEOUL, Jan 7 (Reuters) - South Korean shares ended higher on Tuesday, buoyed by bargain hunting and foreign inflows as the won’s retreat against the yen and the dollar eased fears about local exporters’ earnings prospects.
The Korea Composite Stock Price Index (Kospi) closed up 0.3 percent at 1,959.44 points.
Foreigners were net buyers of 100.3 billion won of local stocks on Tuesday, marking the second straight day of inflows.
Shares of automaker Kia Motors Corp. rose 2.9 percent on easing worries about the carmaker’s profitability as the won retreated against its Japanese counterpart.
Shipbuilders Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. gained 4.1 percent each on bets that their earnings will improve in line with the global economic recovery expected this year.
Samsung Electronics Co.’s shares fell 0.2 percent, however, after the firm’s fourth-quarter earnings estimates announced earlier on Tuesday came in well below market expectations. (Reporting by Se Young Lee; Editing by Kim Coghill)