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(LEAD) Seoul shares end higher on bank rallies.
SEOUL, July 13 (Yonhap) -- South Korean stocks finished higher Wednesday as strong foreign buying led gains by bank and financial stocks on optimism over their second-quarter performance. The U.S. dollar fell against the Korean won. The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.28 points, or 0.60 percent, to 1,050.16. Volume was heavy at 734 million shares worth 3 trillion won (US$2.89 billion) with gainers leading losers 387 to 344. The 100-share, blue-chip KRX 100 added 14.34 points, or 0.67 percent, to 2,131.40, but the tech-heavy KOSDAQ index lost 1.83 points, or 0.34 percent, to 521.87.
The greenback ended at 1,036.90 won, down 2.60 won from Tuesday's close as foreigners converted their dollar holdings into the won to buy equities. "The market is entering a correction phase from recent gains, but the correction will not be enough to turn the market weaker," said Kim Joong-hyun, an analyst at Goodmorning Shinhan Securities.
"That's why investors bet for a second-half economic recovery and strong corporate earnings in the second quarter," he added.
Tech heavyweight Samsung Electronics rose 1.11 percent to 547,000 won ($527) on optimism regarding its second-quarter performance figures, scheduled to be announced on Friday. Bank and financial stocks staged a strong ...
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