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S.Korean shares hit 1-mth closing high as large caps rally
July 17, 2013 / 6:18 AM / in 4 years

S.Korean shares hit 1-mth closing high as large caps rally

SEOUL, July 17 (Reuters) - South Korean shares rose 1.1 percent on Wednesday to hit a one-month closing high as key market heavyweights including Samsung Electronics Co Ltd and Hyundai Motor Co Ltd rallied.

The Korea Composite Stock Price Index (KOSPI) ended at 1,887.49 points, the highest close since June 19.

Stocks were buoyed by expectations that current rules that have pressured the National Pension Service (NPS) to limit its ownership in listed firms to below 10 percent may be eased soon, according to Y.S.Rhoo, a market analyst at Hyundai Securities.

Foreign investors were buyers of a net 119.3 billion Korean won ($106.71 million) worth of stocks, continuing to purchase shares for a fifth straight session. Pension funds were buyers of a net 153.7 billion won.

Samsung Electronics, the biggest component on the main KOSPI, rose 1.7 percent, while Hyundai Motor, the second biggest, advanced 2.8 percent.

Shares of upscale hotel and duty free chain operator Hotel Shilla Co Ltd spiked 6.4 percent after Korea Tourism Organization data showed the number of Chinese visitors to South Korea in June jumped 70 percent year-on-year.

But KB Financial Group Inc shares slumped 1.3 percent as worries about its second-quarter earnings deepened following a negative brokerage report. ($1 = 1118.0000 Korean won) (Reporting by Jungyoun Park; Editing by Kim Coghill)

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