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 (KOSPI) ended up 0.47 percent at 2,081.74 points.
The KOSPI 200 September futures index ended up 0.7 points at 274.7 and the KOSPI 200 spot index rose 1.45 points to 274.9. The junior Kosdaq market ended 1.26 percent higher at 531.09. However, stocks retreated from early gains of as much as 1.7 percent, weighed by Samsung Electronics, which fell 1.1 percent. Analysts said the market may undergo a wait-and-see period on views stocks had moved into overpriced territory.
"Stocks came under pressure on views they are overpriced, given the recent rise that broke historical highs." Daewoo Securities market analyst Kim Hak-kyun said. "Stocks will move in a boxed range until early March, before reaching a resistance level around 2,120 points," Yoo Kyung-ha, a market analyst at Dongbu Securities, said.
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.
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