Seoul shares reversed earlier falls to end up on Wednesday, posting a fifth consecutive session of gains supported by solid rises in automakers and brokerages including Hyundai Motor and Woori Investment & Securities. Despite Slovakia blocking a European bailout fund, the market largely viewed that as a minor setback, with analysts saying that overall rescue efforts in the troubled eurozone were not likely to be thwarted.
Foreign investors were buyers of a net 10.4 billion Korean won ($8.9 million) worth of stocks. Institutions purchased a net 218.2 billion won worth, buying for a fifth consecutive session. The Korea Composite Stock Price Index ended up 0.81 percent at 1,809.50 points.
Automakers and auto parts manufacturers outperformed amid expectations for the approval of a free trade agreement with the United States. The KOSPI 200 spot index gained 0.79 percent to 236.66 points and the junior Kosdaq market rose 1.87 percent to 467.65 points. Hyundai Motor added 1.47 percent and Hyundai Mobis rallied 4.33 percent.
Substantial gains in brokerages gave the market further support. Shares in Woori Investment & Securities ended up 5.91 percent and Samsung Securities rose 4.14 percent. Shares in SK Securities jumped 4.42 percent after the Korea Exchange asked the brokerage to clarify rumours top shareholder SK Networks was looking to sell its 22.7 percent stake in the firm. Shares in Korean Air Line fell 1.77 percent and Hana Tour finished flat.
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