Seoul shares rose on Monday, supported by financial issues, as investors remained upbeat on the global economy following gains on Wall Street. The Korea Composite Stock Price Index ended up 0.47 percent at 2,081.74 points. However, stocks retreated from early gains of as much as 1.7 percent, weighed by Samsung Electronics, which fell 1.1 percent.
Foreign investors turned net buyers of a modest net 5.1 billion won ($4.58 million). Institutions also bought shares worth 33.8 billion won. Financial issues surged after the country's top financial regulator said on Sunday that it would lay the groundwork to create large-scale financial institutions and onshore hedge funds through regulatory reform.
Shinhan Financial Group rose 3.7 percent and Hana Financial Group Inc gained 3.4 percent. Woori Investment & Securities, a brokerage unit of Woori Finance Holdings, jumped 6.3 percent after the regulator commented on the possibility of its separate sale amid the stalled privatisation process of its parent group.
Carmakers joined the market's advance, with Hyundai Motor climbing 2.2 percent and its affiliate Kia Motors rallying 4 percent. Hyundai's 2011 sales in the United States could surge 10 percent, helping the automaker's retail market share edge over 5 percent, its top US sales executive said. Steelmaker POSCO also gained 2.4 percent after Japan's Nippon Steel Corp and Sumitomo Metal Industries said they would merge next year to create the world's second-largest steelmaker.
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