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Seoul shares closed 2 percent higher on Thursday led by tech firms such as Samsung Electronics, which were buoyed by a positive earnings outlook and a US report pointing to strong business spending. Shares in Samsung Electronics advanced 5.49 percent to 730,000 won, about 4 percent away from its historical closing high of 764,000 on May 15.
Samsung got a further boost from Nomura's decision to upgrade its rating on the firm's shares from "neutral" to "buy" on improving DRAM fundamentals and favourable forex rates. The Korea Composite Stock Price Index closed up 1.97 percent to 1,841.22 points, its biggest single-day gain since May 15, leaving it about 3 percent short of its 2008 intraday peak of 1,901 reached May 19.
Other technology bellwethers such as LG Electronics also gained, tracking Wall Street peers which rose after a US government report on orders for durable goods - long-lasting manufactured items - showed a surprising jump in business investment last month.
LG Electronics, the world No 4 handset maker, shot up 5.6 percent to 141,500 won and Hynix Semiconductor, the No 2 memory chip maker, climbed 1.53 percent to 29,900 won.
Advancers outnumbered decliners by 518 to 278, with 83 titles ending unchanged. Trade volume stood at 293 million shares worth 5.1 trillion won, compared with 295 million shares worth 5.1 trillion won on Wednesday. The KOSPI 200 June futures index rose 4.40 points to 236.60 and the KOSPI 200 spot index gained 5.22 points to 236.39. The junior Kosdaq market fell 0.91 percent to 640.80.

Copyright Reuters, 2008

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