Seoul shares rode technical support to post a third straight winning session on Tuesday, led by a rally in STX affiliates on news of group-wide restructuring efforts and helped by a broad bargain-hunting rally in recently battered sectors. The Korea Composite Stock Price Index (KOSPI) reversed earlier losses to close 1.41 percent higher at 1,849.91 points.
Offshore players snapped an 18-day selling run - a net outflow of 3.97 trillion won ($3.35 billion) leaving the market - by picking up a net 21.8 billion won worth of shares on the day. Shares in STX affiliates soared, after local media reports said cash-strapped STX Group was on the verge of signing a memorandum of understanding with Korea Development Bank to oversee its financial restructuring efforts.
Units of the STX conglomerate were among top percentage gainers of the day, with STX Offshore & Shipbuilding soaring 7.8 percent while STX Pan Ocean jumped 7 percent. The KOSPI 200 index of core stocks gained 1.51 percent while the junior KOSDAQ closed 1.65 percent higher.
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