South Korean shares rose more than 1 percent on Tuesday, their largest daily percentage gain in two weeks, as bargain hunting sparked a rebound in recent underperformers and as index heavyweight Samsung Electronics hit fresh record highs. The Korea Composite Stock Price Index (KOSPI) closed 1.02 percent higher at 2,039.76 points, after rising as much as 1.2 percent during morning trade.
"Foreign investors once again provided the key catalyst to momentum, as we've seen all year, said Lim Dong-rak, an analyst at Hanyang Securities. Foreign investors returned in force, gobbling up a net 324 billion won ($283.8 million) worth of shares, the largest single-day net buying session by offshore players in nearly two weeks. Samsung Electronics, riding lofty first quarter earnings expectations, extended this year's strong gains, surging 2.82 percent to close at its session-high and all-time peak of 1,311,000 won ($1,148.50).
Resource counters also led the rally, posting a sharp turnaround after lagging in recent sessions. Hyundai Steel gained 1.31 percent while Korea Zinc soared 5.51 percent. The benchmark KOSPI 200 index rose 1.23 percent while the junior, tech-heavy KOSDAQ edged 0.32 percent lower. The main bourse saw the busiest day of trading so far in March with 599.1 million shares exchanging hands, 36 percent heavier than the average daily turnover of 440.6 million shares seen so far in the month.
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