STOCKS - SEOUL SHARES END SHARPLY HIGHER - JULY 2, 2007.

SEOUL, July 2 Asia Pulse - South Korean stocks closed sharply higher Monday as institutions snapped up brokerage and insurance issues such as Samsung Securities and Samsung Fire & Marine, analysts said. The local currency rose against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) jumped 27.75 points, or 1.59 per cent, to 1,771.35. Volume was moderate at 297.76 million shares worth 4.50 trillion won (US$4.9 billion), with gainers outnumbering losers 521 to 225.

"Heavy institutional buying pulled the market up," said Soh Min-jae, an analyst at Korea Investment & Securities. "Brokerage shares chalked up strong gains backed by investors' rosy prospects that the main index will trade higher in the coming days as well as the capital market consolidation act."

The bill on capital market deregulation passed the legislation and judiciary committee of the National Assembly earlier in the day, ensuring approval at the plenary session later in the year. The law is expected to break down barriers ...