South Korean shares near 7-week high; Samsung Elec at lifetime high

SEOUL Wed Dec 5, 2012 1:12am EST

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SEOUL Dec 5 (Reuters) - South Korean shares reached their highest closing level in nearly seven weeks on Wednesday, as market heavyweight Samsung Electronics extended gains to touch a life-time high.

The market sentiment was buoyed by remarks by Chinese Communist Party chief Xi Jinping on Tuesday that Beijing will maintain its fine-tuning of economic policies in 2013 to ensure stable growth of the world's second-biggest economy.

The Korea Composite Stock Price Index (KOSPI) finished up 0.6 percent at 1,947.04 points, its highest closing level since Oct. 18. (Reporting by Hyunjoo Jin; Editing by Sanjeev Miglani)

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