[SEOUL] South Korean shares rose on Wednesday to their highest close since late January, driven by a jump in market heavyweight Samsung Electronics and on strong foreign investor buying, though gains were capped by an impasse in US economic stimulus negotiations.
The benchmark Kospi climbed 6.17 points, or 0.27 per cent, to 2,263.16, extending gains into a third session. Foreigners bought net US$244.46 million worth of shares on the main board, after a net 1.31 trillion won purchase on Tuesday - the biggest in nearly seven years. Samsung Electronics climbed as much as 3.1 per cent, rising for a fourth consecutive session, on expectations the chipmaker may benefit from Intel Corp's plan to outsource more manufacturing.
A Reuters poll showed South Korea's July exports were seen contracting 9.7 per cent year-on-year and for a fifth straight month, as global demand remained weak despite the easing of coronavirus-related lockdowns.