Seoul shares up 0.35 pct on Greek debt rescue extension

South Korean stocks ended 0.35 percent higher Monday on relief from an agreement to extend Greece's financial rescue program, analysts said. The South Korean won lost ground against the U.S. dollar.
  

The benchmark Korea Composite Stock Price Index rose 6.94 points to 1,968.39. Trading volume was moderate at 330.8 million shares worth 4.04 trillion won ($3.64 billion), with gainers beating decliners 487 to 314.
  

The tech-laden KOSDAQ climbed to its highest since June 2008, extending its rally after breaking the 600 point mark on Feb. 5.
  

Analysts said the KOSPI gain came as investors were lifted by the recent agreement by eurozone ministers to extend Greece's bailout plans for four more months, in addition to an unaggressive stance revealed in the meeting minutes of the U.S. Federal Reserve.
  

"Both the disclosure of the Federal Open Market Committee meeting minutes as well as the Greek debt negotiations ended without conflict, so more investors around the world are turning toward riskier assets," said Lee Kyung-min, an analyst from Daishin Securities Co.
  

On Friday, eurozone finance ministers made a deal to extend the bailout program for the debt-mired country.
  

The minutes revealed that members of the FOMC are refraining from taking any hawkish moves at the moment, considering some of the worrisome economies in both Europe and Asia.
  

Foreigners scooped up a net 111.46 billion won, and retail investors offloaded a net 96.15 billion won. Institutions sold more shares than they bought at 5.86 billion won.
  

Tech shares moved in different directions, with leading Samsung Electronics falling 0.73 percent to 1,367,000 won, while top chipmaker SK hynix advanced 1.61 percent to 47,200 won. LG Electronics rose 0.5 percent to end at 60,900.
  

Carmakers were also mixed, with No. 1 Hyundai Motor moving down 0.31 percent to 162,000 won, whereas its corporate cousin, Kia Motors, stepped up 1.09 percent to 46,250 won. Auto parts manufacturer Hyundai Mobis jumped 2.26 percent to 248,500 won.
  

SK Telecom, the country's top mobile carrier, shed 1.52 percent to 291,000 won, and No. 3 LG Uplus remained flat at 11,650 won. KT added 2 percent to finish at 30,600 won.
  

GS Engineering & Construction, one of South Korea's leading builders, surged 3.37 percent to 27,600 won after news reports that the construction firm is close to wrapping up the sale of its shares in the Grand Intercontinental Seoul Parnas hotel in southern Seoul, with anticipation that the sale will help gather cash for the builder.
  

The KOSDAQ advanced 1.05 percent to end at 615.52 points, the highest in six years and eight months, with its trading volume also setting a new record at 2.85 trillion won.
  

Celltrion, a bio-pharmaceutical firm that ranks second in the secondary bourse by market value, jumped 13.58 percent to 73,600 won on upbeat business outlook for its biosimilar products. Its shares skyrocketed 80.84 percent this month on strong buying by foreigners and institutions.
  

The local currency ended at 1,108.70 won against the U.S. dollar, down 6.9 won from Tuesday's close. South Korean financial markets took a three-day break since Wednesday for the Lunar New Year holiday.
  

Bond prices, which move inversely to yields, ended lower. The yield on three-year Treasurys went up 0.7 basis point to 2.061 percent, and the return on the benchmark five-year government bonds rose 1.8 basis point to 2.167 percent. (Yonhap)