Seoul shares hit all-time high

South Korean shares hit a record high on Thursday, as institutional investors extended a recent buying spree, snapping up lenders such as Hana Bank and other firms seen with strong earnings potential.
But broader gains were capped as investors cashed in on steel maker POSCO and other firms that rose sharply during a recent rally amid concerns the market may have overshot.
The benchmark Korea Composite Stock Price Index (KOSPI) hit a record 1,232.98 shortly after the open and ended 0.22 percent higher at 1,231.22 in a choppy trading session.
South Korea's main index has now risen 13.6 percent in September and 37.4 percent so far this year, the most of any major regional market.
Institutional investors have bought a net 660 billion won ($635.3 million) in local shares this week, according to Korea Exchange data.
The KOSPI's relative strength index, a technical indicator used to gauge whether the market is overbought or oversold, hit 79.7 on Thursday. Investors usually see a figure above 70 as a signal to sell.
Daewoo Engineering and Construction Co Ltd rose 5.45 percent to 11,600 won, after hitting a record 11,800 won, with shares also boosted by expectations it would make for an attractive acquisition target.
POSCO Co Ltd, fell 0.62 percent to 239,000 won, retreating from a record 243,500 won hit on Wednesday.
Samsung Electronics Co Ltd, fell 1.17 percent to 591,000 won as investors turned more cautious ahead of quarterly results.
Trade volume reached around 411 million shares worth 4 trillion won compared to 470.4 million shares worth 4.3 trillion won on Wednesday. Gainers outnumbered decliners by 448 to 323 with 56 titles ending flat.
Foreign investors sold a net 3.8 billion won in shares on the main bourse, while retail investors sold a net 97.2 billion won. Institutional investors bought a net 75 billion won. The December KOSPI 200 futures index edged up 0.35 point to 159.40 and the underlying KOSPI 200 spot index gained 0.18 point to 159.06.
South Korea's junior and tech heavy Kosdaq market rose 1.04 percent to finish at its highest close since ending at 580.6 on September 5, 2002.