Seoul shares rose on Tuesday, breaking a three-session losing streak as investors relished the prospects of stimulus by Chinese policymakers following lacklustre trade data and hints of policy easing. "Shanghai shares rallied on hopes of policy easing in China, and a stream of positive US data as well as glimmers of hope from a Franco-German summit reached worked in combination to prop up the markets today," said Oh Onsu, a market analyst at Hyundai Securities.
The Korea Composite Stock Price Index (KOSPI) closed up 1.46 percent at 1,853.22 points. Leading the rally were brokerage firms, with Woori Investment & Securities soaring 6.6 percent while Daewoo Securities gained 4.27 percent. Ssangyong Motor Co shares skyrocketed by the daily limit of 15 percent for the third consecutive session, with analysts expecting a turnaround in the company's fortunes with its entry into the Indian market.
Hyundai Motor Co gained 2.26 percent after its Elantra sedan won the 2012 North American Car of the Year Award at the Detroit Auto Show, with investors shrugging off news its labour union was suspending all engine production at its main production base in South Korea. Large-cap technology issues contributed to gains, with Samsung Electronics Co up 0.98 percent after falling for the past four consecutive sessions. Shares in flat screen maker LG Display rallied 3.78 percent after it predicted a rebound in LCD screen prices and downplayed rumours of a planned rights offer. The KOSPI 200 index rose 1.54 percent while the junior KOSDAQ index gained 1.05 percent.
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