SEOUL: Seoul shares advanced to hit a seven-week high on Tuesday after solid gains on Wall Street on continuing hopes for an imminent resolution to the European debt crisis.
Rises however were limited after a gaining streak that has boosted the main KOSPI index by around 15 percent in less than a month.
"Gains are modest as some profit-taking moves are taking place at the 1,900-point level," said Kim Seong-bong, a market analyst at Samsung Securities.
The Korea Composite Stock Price Index (KOSPI) was up 0.21 percent at 1,902.30 points as of 0129 GMT, topping the 1,900 point barrier for the first time since early September.
"If nothing ugly happens in southern Europe, the market will hit 2,000 points near the year-end," Kim added.
Foreign investors were buyers of a net 114.6 billion won ($101 million) worth of stocks, and institutions purchased a net 452.5 billion won, both poised to snap two sessions of selling.
S-Oil , the country's No.3 crude oil refiner, rose 2.2 percent and GS Holdings climbed 1.9 percent.
"[Crude oil price gains] point to a positive outlook and higher profits for refiners," said Sohn Joo-woo, an analyst at SK Securities.
Crude for December delivery gained 16 cents at $91.43 a barrel in New York trade.
Shares in online retailer Interpark rallied after Samsung Group confirmed that it had named a group led by Interpark the preferred bidder for its procurement arm iMarketKorea Inc .
"iMarketKorea has potential to grow out of doing business just for Samsung Group after it is sold," said Do Hyun-woo, an analyst at Kyobo Securities, adding that the firm could also acquire more business from mid-sized conglomerates.
"And Interpark, as an online retailer, is not entirely new to the procurement business," Do added.
But technology stocks took a breather following sharp rises in recent sessions.
LG Display , the world's No.2 flat panel maker, fell 2.5 percent and LG Electronics , the world's No.3 handset maker, shed 1.4 percent.
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