SEOUL Jan 21 Seoul shares rose to their highest
closing level in nearly three-weeks on Tuesday after Chinese
money rates eased, improving risk sentiment, with shipbuilders
and automakers outperforming.
The Korea Composite Stock Price Index (KOSPI) closed
up 0.5 percent at 1,963.89 points, its highest close since Jan.
Institutional investors were net buyers for a fourth
straight day, purchasing a net 64.6 billion won ($60.7 million)
worth of KOSPI shares to support the market.
Automaker Hyundai Motor Co rose 2.2 percent and
affiliate Kia Motors Corp gained 1.6 percent.
Shipbuilding was the best-performing sector on
the back of Samsung Heavy Industries Co Ltd, which
jumped 4.1 percent.
China's money market rates fell sharply on Tuesday after the
central bank dumped more than 255 billion yuan ($42 billion)
into the financial system, easing concerns another credit crunch
was underway less than a month after a late December squeeze.
($1 = 1063.6500 Korean won)
(Reporting by Jungmin Jang; Editing by Chris Gallagher)