Seoul shares rose on Wednesday after four sessions of falls, lifted by advances in automakers and
shipbuilders, but gains were capped by ongoing Europe debt worries and disappointing U.S. economic data, Reuters reports.
The Korea Composite Stock Price Index was up 1.12 percent at 2,125.93 points as of 0141 GMT.
"The market is making a solid rebound following its recent losses, and is seen regaining firm support at 2,100 points," said Kim Seung-han, a market analyst at HI Investment & Securities, referring to the KOSPI's 50-day moving average.
Foreign investors however remained net sellers of stocks into a fifth consecutive session, offloading 75 billion won ($68.9 million) worth.
"We are seeing continued profit taking, mainly by speculative funds that entered the market en masse in April," said Lawrence Kim, a market analyst at Woori Investment & Securities.
Foreign investors were net buyers of 3 trillion won worth of stocks in April, Korea Exchange data showed.
"This is not a broader, longer-term foreign selloff. Longer-term overseas funds are staying," Kim added.
shipbuilders, but gains were capped by ongoing Europe debt worries and disappointing U.S. economic data, Reuters reports.
The Korea Composite Stock Price Index was up 1.12 percent at 2,125.93 points as of 0141 GMT.
"The market is making a solid rebound following its recent losses, and is seen regaining firm support at 2,100 points," said Kim Seung-han, a market analyst at HI Investment & Securities, referring to the KOSPI's 50-day moving average.
Foreign investors however remained net sellers of stocks into a fifth consecutive session, offloading 75 billion won ($68.9 million) worth.
"We are seeing continued profit taking, mainly by speculative funds that entered the market en masse in April," said Lawrence Kim, a market analyst at Woori Investment & Securities.
Foreign investors were net buyers of 3 trillion won worth of stocks in April, Korea Exchange data showed.
"This is not a broader, longer-term foreign selloff. Longer-term overseas funds are staying," Kim added.
Nuclear power related issues rose after local media reports President Lee Myung-bak had reiterated the national interest in nuclear power development during a visit to the Korea Institute of Nuclear Safety.
Shares in KEPCO Engineering & Construction , a nuclear power plant designer, and KEPCO Plant Service & Engineering , which maintains and operates nuclear facilities, both climbed 1 percent.
Woori Finance Holdings climbed 1.5 percent amid market talk Shinhan Financial Group may bid for thefirm after the government said on Tuesday it would resume the sale of its 57 percent stake in Woori, five months after an earlier auction failed due to a lack of interest.
"Talk (of Shinhan's interest) is in the market, but I can't think of a reason it would pursue Woori," said Koo Kyung-hoe, an analyst at Hyundai Securities.
Woori shares fell on Tuesday on the concerns about a lack of bidders for the group.
Automakers posted a strong recovery from recent declines, with Hyundai Motor advancing 3.8 percent and Kia Motors climbing 3.6 percent.
Gains in shipbuilders also gave market support. Shares in Hyundai Heavy Industries jumped 5.3 percent and Daewoo Shipbuilding & Marine Engineering rose 4 percent.
Shares in KEPCO Engineering & Construction , a nuclear power plant designer, and KEPCO Plant Service & Engineering , which maintains and operates nuclear facilities, both climbed 1 percent.
Woori Finance Holdings climbed 1.5 percent amid market talk Shinhan Financial Group may bid for thefirm after the government said on Tuesday it would resume the sale of its 57 percent stake in Woori, five months after an earlier auction failed due to a lack of interest.
"Talk (of Shinhan's interest) is in the market, but I can't think of a reason it would pursue Woori," said Koo Kyung-hoe, an analyst at Hyundai Securities.
Woori shares fell on Tuesday on the concerns about a lack of bidders for the group.
Automakers posted a strong recovery from recent declines, with Hyundai Motor advancing 3.8 percent and Kia Motors climbing 3.6 percent.
Gains in shipbuilders also gave market support. Shares in Hyundai Heavy Industries jumped 5.3 percent and Daewoo Shipbuilding & Marine Engineering rose 4 percent.