South Korean shares ended the last trading day of the 2010 at their highest levels in more three years on Thursday, as hopes for sustained economic recovery in the new year boosted sentiment. The Korea Composite Stock Price Index (KOSPI) finished up 0.37 percent at 2,051.00 points, its highest closing level since early November 2007 and up nearly 22 percent for the year.
The historical intraday high of 2,085.45 points set in November 2007 was also well within reach, analysts said, adding that the KOSPI could reach as high as 2,400 points in 2011. LG Electronics Inc, the world's No 3 handset maker, gained 3.5 p ercent on Thursday on growing expectations that its improved smartphone competitiveness would help turn around its money-losing handset unit. On the year, it slipped nearly 3 percent.
Tech bellwether Samsung Electronics Co Ltd extended gains to rise 0.42 percent, helped by expectations that it will outperform smaller rivals in the battered chip market. Auto shares slid, with Hyundai Motor Co, South Korea's top automaker, droppin g 1.7 percent and affiliate Kia Motors Corp declini ng 1.36 percent. Most bank shares advanced, with shares in Hana Financial Group up 1.88 percent, while shares in Woori Finance Holdings were up 1.64 percent.
Foreign investors were net buyers of 21.6 trillion won in 2010, compared to 2009's 32.3 trillion won. South Korean stock markets are closed on Friday before opening on Monday. The KOSPI 200 March futures index rose 2.05 points to 274.00. The KOSPI 200 spot index went up 0.75 points to 271.19.
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