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Seoul shares rebound, foreign inflows spur confidence
August 29, 2013 / 2:50 AM / 4 years ago

Seoul shares rebound, foreign inflows spur confidence

(Updates to midday)

* Foreigners set to be net buyers for 5th session

* Large caps Samsung Elec and Hyundai Motor lead gains

* Crude refiners advance on higher oil prices

SEOUL, Aug 29 (Reuters) - South Korean shares rose more than 1 percent on Thursday morning after two days of modest losses, lifted as foreigners extended their net-buying streak into a fifth session and as crude refiners gained on rising oil prices.

The Korea Composite Stock Price Index (KOSPI) was up 1.2 percent at 1,907.45 points as of 0221 GMT.

“The rise mainly stems from (Korea‘s) strong fundamentals, which is encouraging,” said Mirae Asset Securities analyst Lee Jae-hoon. “South Korea has differentiated well from (other) emerging countries to attract foreign capital.”

Foreign investors were buyers of a net 238.8 billion won ($214 million) worth of local stocks during the morning.

Foreigners were net buyers of $900 million worth of local stocks between Aug. 1 and 23, a central bank official told reporters early on Thursday while briefing on the country’s current account position.

Samsung Electronics Co Ltd, the largest component on the main KOSPI, rose 1.8 percent. Second-largest Hyundai Motor Co and its affiliate Hyundai Mobis Co Ltd rose 1.5 percent and 1.7 percent, respectively.

Crude refiners GS Holdings and S-Oil Corp rose 2.2 percent and 1.3 percent, respectively. SK Innovation Co Ltd advanced 1.1 percent.

Namkwang Engineering & Construction Co Ltd rose 4.6 percent on bargain-hunting after a four-session skid.

Gainers outnumbered decliners 568 to 200.

The KOSPI 200 benchmark of core stocks rose 1.3 percent and the junior KOSDAQ advanced 1 percent. ($1 = 1115.4250 Korean won) (Reporting by Jungmin Jang; Editing by Choonsik Yoo and Chris Gallagher)

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