Seoul shares rose 0.6 percent on Tuesday to net their first gain in three sessions, as KEPCO and other firms dependent on fuel rose on slumping oil prices, while exporters rallied on improved hopes about global consumer demand.
But broader gains were capped with lenders sliding after top-ranked Kookmin Bank posted a wider-than-expected drop in third-quarter profit on Monday, raising concerns earnings in the sector may have peaked.
Samsung Securities Co rose 0.39 percent to 50,900 won ahead of its quarterly earnings. The country's most valuable brokerage said after the market close that second quarter net profit was 42.8 billion won, down from 58.3 billion last year and under consensus forecasts for 50.1 billion. The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.62 percent to 1,364.55 points.
"The drop in oil prices is lifting sectors such as utilities that are affected by fuel costs," said Kim Jeong-hwan, a strategist at Woori Investment and Securities. State-run Korea Electric Power Corp gained 0.83 percent to 36,400 won. Hynix rose 2.7 percent to 34,200 won after dropping 10.7 percent in October as of Monday's close, compared with a 1.12 percent fall in the KOSPI.
Hyundai Motor Co rose 2.13 percent to 76,600 won. Trading firm Samsung Corp advanced 2.44 percent to 31,450 won after it said it planned to dispose of its 11 percent stake in the South Korean unit of British retailer Tesco Plc, starting with the sale of 5 percent in 2007.
Kookmin fell 3.85 percent to 74,900 won, while Hana Financial Group fell 1.81 percent to 43,450 won. Trade volume reached 254 million shares worth 2.86 trillion won compared to 159 million shares worth 2.29 trillion won on Monday. Gainers trumped decliners by 528 to 206 with 95 titles ending flat.
Foreign investors sold a net 155.7 billion won in shares on the main bourse, while retail investors offloaded a net 21 billion won. Institutional investors bought a net 146.8 billion won worth. The December KOSPI 200 futures index added 1.15 points to 178.15 and the underlying KOSPI 200 spot index advanced 0.85 point to 176.84. South Korea's junior and tech heavy Kosdaq market rose 1.03 percent to finish at 586.10.
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