South Korean shares rose on Monday after Cyprus and the European Union agreed on a deal to finance a bailout for the country, with local institutions snapping up shares on improved risk appetite. The benchmark Korea Composite Stock Price Index (KOSPI) closed up 1.5 percent at 1,977.67 points, rebounding from last week's five-week low.
The KOSPI had fallen 1.9 percent over the week to Friday, dragged by foreign sell-offs as concerns over Cyprus and a cyberattack on local broadcasters and banks hurt sentiment. Most bluechips were up, with heavyweight Samsung Electronics jumping 2.8 percent after losing ground for three straight sessions. Local institutional investors purchased a net 153.7 billion won ($137.31 million) worth of KOSPI shares, lifting the index. Advancing shares outnumbered decliners 544 to 266.
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