Seoul shares staged a strong rebound on Tuesday, rising nearly 5 percent in post-holiday trade to log the best daily percentage gain in more than two years, as foreign investors ended their selling streak, heartened by solid gains in US stocks. The index also closed at a session high and posted its third best daily percentage gain on record, as investors snapped up cheap stocks after the market's 16 percent drop in the last two weeks.
The Korea Composite Stock Price Index rose 4.83 percent to close at a session high of 1,879.87, its best daily percentage gain since April 9, 2009. The KOSPI 200 September futures = rose 4.86 percent and the KOSPI 200 spot index gained 5.14 percent to 242.23 points. The junior Kosdaq market finished up 4.66 percent at 496.23.
Still the index is down more than 13 percent from its level on August 1. Shares in Samsung Electronics rose 6.1 percent after a $12.5 billion deal by Google to buy Motorola Mobility Holdings to help protect its fast-growing Android mobile operating system. Shares in KB Financial Group jumped 10.2 percent and steel maker POSCO added 7.35 percent.
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