Seoul shares set a new closing high for the benchmark index helped by foreign investors buying and supported by a gain in technology and refining stocks. The Korea Composite Stock Price Index ended up 0.69 percent at 2,130.43 points, the highest level ever. The KOSPI 200 June futures rose 1.75 points at 283.80 and the KOSPI 200 spot index gained 2.02 points to 282.03. The junior Kosdaq market ended up 0.52 percent at 537.66.
Foreign investors bought a net 204.7 billion Korean won ($188,07 mln) worth of stocks, buying for a 15th straight session, their longest buying streak by them since October 2010. Emerging Asian markets are attracting foreign interest on renewed optimism on global economy and as appetite for riskier assets grew, according to Yoo Soo-min, a market analyst at Hyundai Securities.
South Korean manufacturing and refining stocks are also expected to benefit from a virtual shutdown in Japan, following the earthquake and tsunami last month. Korean shares are trading at around 1.7 times the book value, lower than any other market in Asia ex-Japan except Kazakhstan, Thomson Reuters Starmine data showed. Asia ex-Japan's average is 2.3.
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