Seoul stocks close higher on tech, shipbuilding gains

Seoul stocks close higher on tech, shipbuilding gains

Korean stocks finished higher Tuesday on gains in tech and shipbuilding shares.

The benchmark Korea Composite Stock Price Index rose 5.08 points, or 0.25 percent, to 2,019.63. Trade volume stood at 5.02 million shares worth 5.11 trillion won ($4.44 billion), with losers beating gainers 491 to 316.

Samsung Electronics rose 1.17 percent to 1,296,000 won following rosier outlooks for its first-quarter earnings. The share price of world No. 2 memory chipmaker SK hynix also rose despite the firm’s sluggish first-quarter profit.

Shipbuilders recovered previous heavy losses after the government renewed its resolve to speed up restructuring efforts in the sector. Hyundai Heavy Industries, the world’s largest shipbuilder, gained 3.21 percent to 112,500 won.

In contrast, financial stocks slumped as the government urged local banks to take bolder steps to sort out money-losing companies.

KB Financial Group, the nation’s largest banking group by asset, lost 2.19 percent to 35,700 won, and the state-run Industrial Bank of Korea fell 2.34 percent to 12,500 won.


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