Seoul stocks rose 1.7 percent to close at their highest in almost 4 months on Wednesday, as government measures to boost weak domestic consumption sparked buying interest in banking and retail shares.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.72 percent to end at 817.36, its highest close since May 7, when the index finished at 838.74.
In the financial sector, shares in top local retail lender Kookmin Bank rose 2.85 percent to close at 37,850 won after its chief executive said the bank was expected to post a significant rise in second-half earnings.
Foreign investors sold a net 35.5 billion won ($30.82 million) in shares and retail investors a net 76 billion won. Institutional investors purchased a net 123 billion won.
A total of 345 million shares changed hands, versus 346 million on Tuesday. Turnover stood at 1.9 trillion won, versus 1.66 trillion won.
The September KOSPI 200 futures index added 1.95 points to 104.80 and the underlying KOSPI 200 spot index was up 1.80 points to 104.69.
The junior Kosdaq index rose 2.83 percent to 365.74, as Internet Auction Co Ltd rose by its daily limit high of 12 percent to 115,100 won after EBay Inc offered about $530 million to buy the remainder of its Korean affiliate.
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