Seoul shares snapped a two-session losing streak on Wednesday on eased US debt jitters, led by tech shares after Apple Inc and IBM announced forecast-beating quarterly results. Eyes are on Intel Corp's earnings to be released on Wednesday US time to see whether the battered sector will be able to stage a recovery despite persistent macroeconomic uncertainties.
The Korea Composite Stock Price Index closed up 1.16 percent at 2,154.95 points. KOSPI 200 September futures rose 5.2 points to 282.2 points and the KOSPI 200 spot index advanced 3.83 points to 280.41. The junior Kosdaq market gained 0.41 percent to 526.61.
But foreign investors continued their selling streak for a seventh consecutive session, offloading a net 147.2 billion won($138.9 million) worth of shares . Tech shares rallied after Apple's staggering earnings triggered expectations of higher demand for components and offered a glimmer of hope for the sector.
Flat-panel producer LG Display jumped 4.8 percent and battery maker Samsung SDI rose 7.06 percent, while shares in chipmaker Samsung Electronics gained 3.53 percent. Hyundai Motor gained 1.07 percent, while POSCO advanced 2.12 percent, KB Financial Group climbed 2.9 percent and Daewoo Securities was up 2.76 percent.