Seoul shares rose 1.4 percent on Thursday, rebounding from sharp falls in the previous session, led by hard-hit exporters such as LG.Philips LCD as worries over the US housing market eased following gains on Wall Street.
Banks such as Kookmin also recovered from a rout on Wednesday, with steel maker POSCO Co Ltd hitting its latest record amid continued expectations for more stable earnings and consolidation in the global steel sector. The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.39 percent to end at 1,426.93 points, regaining ground after a 2 percent fall on Wednesday, its worst one-day percentage fall since March 5.
Foreign investors, who own about 38 percent of the KOSPI, sold a net 152.5 billion won ($161.5 million) in shares in the index, bringing their total during the prior two sessions to 383.2 billion won. Hyundai Motor Co, rose 0.74 percent to 68,400 won. POSCO surged 4.72 percent to an all-time high of 388,500 won.
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