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SEOUL, May 12 (Reuters) - Seoul shares rose for the third day on Monday after reversing earlier losses, spurred by a rally in market bellwether Samsung Electronics which eclipsed persistent foreign capital outflows.
Samsung Electronics Co Ltd, which accounts for more than 17 percent of the main index, jumped 4 percent on speculation of restructuring of the massive Samsung Group following the hospitalisation of its chairman Lee Kun-hee on Sunday. The stock’s rise marked the strongest daily gain since Aug. 13, 2013.
The Korea Composite Stock Price Index (KOSPI) closed up 0.4 percent at 1,964.94 points, it’s third day of gains.
Foreign investors sold a net 100 billion won ($97.6 million) worth of KOSPI shares, positioning as net sellers for an eighth consecutive session.
The local currency was quoted at 1,024.4 versus the dollar at the end of onshore trade, unchanged from Friday’s close at 1,024.4. ($1 = 1024.4500 Korean Won) (Reporting by Jungmin Jang; Editing by Shri Navaratnam)