South Korean shares rose on Wednesday as exporters rebounded from recent batterings and foreigners were net buyers for the first time since April 2. The Korea Composite Stock Price Index (KOSPI) rose 0.77 percent to close at 1,935.58 points, climbing away from a 4-1/2 month low hit in Tuesday's trade.
Foreigners, who sold a combined 1.7 trillion won ($1.49 billion) of shares during the five previous sessions, bought 34 billion won in net on Wednesday. Through Tuesday, foreigners had sold 4.2 trillion won of local equities this year. Wednesday's index gain may also have been helped by the expectation that the Bank of Korea will cut interest rates at a policy meeting on Thursday.
The day's gains were broad-based, with 642 shares climbing while 189 declined. Among techs, LG Electronics surged 5.2 percent to a one-year high as its smartphones improved the earnings outlook. Affiliate LG Display rose 4.1 percent, rebounding from a 4.9 percent loss in the previous week. Utilities underperformed, with Korea Gas Corp (KOGAS) falling 3.5 percent. The KOSPI 200 benchmark of core stocks closed up 0.7 percent, while the junior KOSDAQ edged 1.3 percent higher.