Seoul shares rose to their highest closing level in 27 months on Wednesday, buoyed by expectation the US Federal Reserve will maintain the current pace of its asset-buying stimulus programme at least until March next year. The Korea Composite Stock Price Index (KOSPI) closed up 0.4 percent at 2,059.58 points on Wednesday, its best close since August 3 2011.
Offshore investors, who repositioned as buyers later in the session by purchasing a net 64.4 billion won ($60.72 million) of local shares, helped support the market. They extended their record net buying streak to a 44th consecutive session. Train manufacturer Hyundai Rotem Co rose to the daily limit of 15 percent in its debut on the KOSPI, while its largest shareholder Hyundai Motor Co slipped 0.2 percent.