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SEOUL, June 3 South Korean shares rose on
Tuesday as an initial public offering plan by Samsung Everland
prompted some investors to pick up affiliates of Samsung Group,
while the won firmed modestly on demand from exporters.
The Korea Composite Stock Price Index (KOSPI) closed
up 0.3 percent at 2,008.56 points after falling as low as
1,990.72 earlier in the session.
Samsung Everland Inc, a key holding firm within Samsung
Group, said on Tuesday it is planning an IPO next
year. Following the news, Samsung Electronics Co Ltd
and Samsung SDI Co Ltd rose 1 percent and 4.3
Foreign investors bought a net 26 billion won ($25.39
million) worth of KOSPI shares, extending their net buying
streak to a 16th session.
The won currency was quoted at 1,023.1 versus the
dollar at the end of onshore trade, up 0.1 percent from Monday's
Local financial markets will be closed on Wednesday for
elections and reopen on Thursday.
($1 = 1024.0000 South Korean Won)
(Reporting by Jungmin Jang; Editing by Kim Coghill)