Korean stocks closed 0.43 percent higher Tuesday on eased concerns over Greek debt problems, analysts said. The local currency gained against the U.S. dollar.

Moving in a tight range, the benchmark Korea Composite Stock Price Index gained 8.46 points to 1,981.59. Trading volume was heavy at 532.5 million shares worth 6.50 trillion won ($5.81 billion) with gainers outstripping losers 447 to 393.

“Investors are taking a wait-and-see approach. Investor angst was offset by anticipation that the debt crisis would not exacerbate further,” said Lim Soo-kyun, an analyst at Samsung Securities Co.

Debt-mired Greece on Monday baulked at making a final decision on austerity measures put forth by the European coalition including Germany, that called for at least a belt-tightening cut in the minimum wage.

“Greek debts are more of a domestic political issue now, which aren’t likely to have a negative impact on Seoul,” added Lim.

Auto-related shares gathered ground, with top player Hyundai Motor climbing 3.06 percent to 219,000 won and its affiliate auto parts maker Hyundai Mobis soaring 4.97 percent to 285,000 won on hopes that it will benefit most from the South Korea-U.S. free trade pact.

The South Korean government said a day earlier the bilateral agreement may take effect early March, adding another deal with Turkey may be concluded soon.

Food companies finished bullish, with leading player CJ Jeiljedang jumping 4.78 percent to 318,000 won on a global grain prices fall.

Tech blue-chips closed mixed. Market bellwether Samsung Electronics rose 1.77 percent to 1,093,000 won and Hynix Semiconductor fell 2.68 percent to 25,400 won.

Woongjin Holdings, the parent company of Woongjin Coway Co., South Korea’s biggest water purifier maker, surged by its daily limit of 15 percent to close at 7,205 won after it confirmed in a regulatory filing that it plans to sell Woongjin Coway as part of its turnaround efforts.

In contrast, financials lost ground, with No. 3 lender Shinhan Financial Group shedding 2.55 percent to 45,800 won and second-largest KB Financial Group dipping 1.47 percent to 43,450 won.

The local currency ended at 1,118.70 won against the greenback, up 2.1 won from Monday’s close, as offshore investors unloaded their dollar holdings, dealers said.

(Yonhap News)