Seoul shares rose 2.7 percent on Thursday on the back of steady buying by public pension funds, with technology and brokerage issues leading gains. South Korean public pension funds including the world's No 4, the National Pension Service, recorded a 17th consecutive session of buying, the longest such streak since early July 2010, picking up a net 198.4 billion won ($169.4 million) worth of shares.
The Korea Composite Stock Price Index (KOSPI) finished up 2.68 percent at 1,769.29 points, recovering falls in the previous session on programme-linked sales. South Korea's top financial regulator, concerned over recent volatility, said on Wednesday pension funds should actively expand their presence in the stock market. The KOSPI outperformed its regional peers, with the MSCI index of Asia-Pacific stocks outside of Japan little changed.
KOSPI 200 December futures gained 2.36 percent or 5.3 points to 229.55 points. The KOSPI 200 spot index was up 2.93 percent to 230.37 and the junior Kosdaq market rose 2.09 percent at 443.26. Overseas investors were net buyers of South Korean stocks for the third straight session, purchasing technology and transportation issues. They bought a net 122.5 billion won worth of stocks.
Institutions continued buying, snapping up 207.9 billion won worth of shares. LG Electronics and its affiliates spiked as investors flocked to undervalued stocks. The world's No 3 handset maker LG Electronics soared 11.2 percent. Flat panel maker LG Display jumped 11 percent. Mobile services provider LG UPlus gained 10.8 percent and LG Innotek rose 9.9 percent.
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