Seoul stocks climb to seven-month high

Seoul shares rose nearly 1 percent to close at a fresh 7-month high on Wednesday, buoyed by financials after US stocks posted their best day of the year on upbeat retail sales data and an improved economic outlook from the Federal Reserve. The Korea Composite Stock Price Index rose 0.99 percent to close at 2,045.08 points, paring back some of its early gains to ease back just short of the key 2,050-point chart level, but still good enough to set its highest close since last August.
KB Financial Group shares rose 3.85 percent while Korea Exchange Bank climbed 3.12 percent. Shipbuilders lent strong support with analysts seeing increased export orders, especially from the Middle East. Daewoo Shipbuilding & Marine Engineering rallied 4.54 percent while Samsung Heavy Industries soared 4.77 percent.