Seoul shares rose on Wednesday, bouncing back from three sessions of losses with automakers and refiners leading gains. Fears that European debt problems would spread to larger economies such as Italy were overblown, analysts said, adding that China's better-than-expected GDP data gave investors relief.
The Korea Composite Stock Price Index ended up 0.94 percent or 19.91 points at 2,129.64 points. KOSPI 200 September futures ended up 2.3 points at 279.35 points and the KOSPI 200 spot index rose 2.42 points to 278.32. The junior Kosdaq market ended up 0.88 percent at 494.97. Individual investors snapped up a net 336.5 billion won ($316 million) worth of stocks for their fourth straight buying session, bucking foreign and institutional selling.
Automakers rose, recovering some of the ground lost in previous sessions. Shares in Kia Motors rebounded 3.3 percent and its affiliate Hyundai Motor gained 2.8 percent. Crude oil refiners added more points to the index, as recent rises in oil prices boosted expectations of stronger margins and further earnings in the second half of the year, analysts said. SK Innovation, the country's top refiner, rose 2.4 percent and S-Oil Corp, the country's No 3 crude oil refiner, climbed 3.4 percent. Asiana Airlines jumped 5.7 percent on prospects for an earnings turnaround in the second half, supported by a recovery in passenger traffic, analysts said.
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