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South Korean shares closed at a new 20-month high on Tuesday, with market leader Samsung Electronics Co and sibling flat screen maker Samsung SDI posting all-time highs.
Gains at Hyundai Engineering and Construction Co on hopes for Iraqi contracts also helped the benchmark Korea Composite Stock Price Index (KOSPI) to climb 0.53 percent to 861.37, its strongest finish since May 22, 2002.
Foreign investors continued to buy, betting on an exports-driven economic rebound and helping to shore up weak trading ahead of the three-day Lunar New Year holiday.
"Samsung Electronics was helped by a late bout of foreign buying," said Kim Jeong-pyo, a strategist at Kyobo Securities.
"Investors banking on a cash-driven rally built up their positions quite aggressively to carry through the holidays."
Samsung Electronics, whose market value represents one fifth of the main board's capitalisation, continued to find favour with foreign investors, reversing an early loss to close up one percent at a record high of 526,000 won.
Samsung SDI advanced 1.26 percent to a record high of 161,000 won on institutional buying.
Shares in Hyundai Construction jumped by the daily permissible limit of 15 percent to 11,050 won on reports that South Korea had been included in a core group of countries to participate in reconstruction projects in Iraq.
Hyundai plans to bid for some Iraqi infrastructure and oil production facilities projects.
But Daewoo International Corp shares plunged 14.72 percent to 9,850 won as investors locked in profits after three consecutive sessions of hefty rises on news of a major gas discovery in Myanmar.
POSCO Co Ltd rose 2.79 percent to 166,000 won on an improved earnings outlook after the company announced last week plans to raise prices of hot-rolled steel.
While most blue chips recovered from an early bout of profit-taking, top mobile carrier SK Telecom ended 1.6 percent lower at 215,500 won.
Foreign investors bought a net 261.4 billion won of local shares on the main bourse, while local institutions sold 230.6 billion won and retail investors unloaded a 17.8 billion.
Volume stood at 363.8 million shares valued at 2.39 trillion won. Gainers outpaced losers by 410 to 317, with 84 shares unchanged.
The March KOSPI 200 futures index rose 0.3 point to 112.60 and the underlying KOSPI 200 spot index climbed 0.67 point to 112.63.
The junior KOSDAQ rose 0.95 percent to 44.57.

Copyright Reuters, 2004

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