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Asian Stocks Higher, Mideast Unrest Caps Gains
08 Mar 2011 EST - CNBC.com
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The Korea Composite Stock Price Index (KOSPI) finished up 16.05 points at 1,996.32 points, hovering near its 20-day moving average of 1,990.

Bargain hunting following substantial falls in the previous session buoyed the market, lifting the main index closer to 2,000 points, analysts said.

Samsung Electronics shares continued trading weakly despite posting their biggest daily percentage loss in nearly 16 months in previous session, weighed by a 2.7 percent fall in the U.S. Philadelphia semiconductor index.

Hynix Semiconductor lost 0.9 percent.

But shares in Korea Zinc, the world's No.2 zinc refiner and also a producer of gold ingot, rallied 5.5 percent as spot gold moved steadily around its record high of $1,440.40 an ounce hit on Monday.

Banks and insurers advanced ahead of the Bank of Korea's interest rate meeting on Thursday amid expectations of a rate increase.

Shares in Shinhan Financial Group rose 1.8 percent and Samsung Life Insurance advanced 2.3 percent.

Shares in Hyundai Heavy Industries rose 2.3 percent and STX Offshore & Shipbuilding surged 5.2 percent.

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