Seoul shares rose to a six-month closing high on Wednesday on a surge in large-cap technology counters such as Samsung Electronics Co Ltd, extending a liquidity-driven rally that has prevailed since the start of the year. "Although gains were focused on a few large caps today, liquidity-induced offshore bids, boosted further by a weaker won, continue to provide sturdy support for the market," said Shinyoung Securities analyst Lee Kyung-soo.
The Korea Composite Stock Price Index (KOSPI) ended up 1.13 percent at 2,025.32. Offshore investors were net buyers for an eighth consecutive session, snapping up a net 243.3 billion won ($216.5 million) worth of shares, with further support from a net 223.2 billion won of buying via programme trading.
Samsung Electronics jumped 5.09 percent to an all-time closing high of 1,135,000 won after announcing on Wednesday that it may spin off its money-losing LCD flat-screen business. Samsung Group affiliate and digital screen maker Samsung SDI Co Ltd stumbled 3.59 percent on dashed hopes for a cash windfall from a possible stake sale in Samsung Mobile Display as Samsung Electronics is speculated to push for non-cash, stake swap deal for the new venture. Trading was heavy, with 676 million shares exchanging hands on the main bourse. Winning shares outnumbered decliners 446 to 377. The KOSPI 200 index rose 1.33 percent, while the junior, tech-heavy KOSDAQ closed up 0.47 percent.
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