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Seoul shares powered to their largest daily gain in six weeks on Friday, jumping 2.6 percent as most sectors rallied on improved risk sentiment globally. The Korea Composite Stock Price Index (KOSPI) finished up 48.3 points at 1,929.58, its highest level for more than a week, and breaking two weeks of losses on a weekly basis. The rally was sparked by the European Central Bank's long-awaited announcement on Thursday of an "unlimited" bond-buying plan to contain the euro zone debt crisis.
Encouraged by the ECB's action, foreigners made their biggest net purchase of South Korean stocks in nearly two weeks on Friday, gobbling up 307.7 billion won ($271.48 million) worth of shares. Institutions also joined in, picking up a net 412.3 billion won worth, while retail investors dumped a massive net 733.2 billion won worth as they took profits from recent market gains.
Bellwether Samsung Electronics comfortably outperformed the bourse, finishing up 4.5 percent and posting its biggest daily gain in six weeks. Shipbuilders, which are closely linked to euro zone events due to South Korea's heavy reliance on exports, rallied on the ECB's decision, with Hyundai Mipo Dockyard Co soaring 8.6 percent to lead the sector's gains.
Hyundai Heavy Industries and Daewoo Shipbuilding and Marine Engineering Co Ltd leapt 4.6 and 4.7 percent, respectively. Meanwhile, steelmaker POSCO snapped a four-day losing streak, closing up 2.1 percent on hopes the ECB's decision may ease global manufacturing woes.

Copyright Reuters, 2012

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