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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World Seoul shares gain 1.7 pct on foreign buying, banks Reuters - 45 minutes ago Send IM Story Print * Foreign investors post biggest net buying in 2 months * Gains led by banks, consumption plays * Korea Express jumps on hopes of strong bid interest SEOUL, March 4 - Seoul shares rose on Friday fuelled by the biggest foreign net buying in two months, as optimism over the economic outlook boosted shares in banks such as Hana Financial Group <086790.KS>. The Korea Composite Stock Price Index <.KS11> ended up 1.73 percent at 2,004.68 points. "Positive data, including South Korea's industrial output numbers and U.S. job data, fuelled the rebound today," said Bae Sung-young, a market analyst at Hyundai Securities. "The return of foreign investors has given the market significant support. However, the buying appears to be short-covering for now," said Kwak Joong-bo, a market analyst at Samsung Securities. Analysts also said eyes were on the Bank of Korea's interest rate decision next week. "A rate hike will come as more positive news as it shows the central bank's determination to rein in inflation, which has been one of investors' key worries," said Lee Kyung-soo, a market analyst at Shinyoung Securities. Foreign investors were buyers of a net 390.5 billion won worth of stocks, the biggest net purchase in two months. The bought a net 265 billion won on the week, their first weekly net buying in five weeks. Banks rose across the board amid strengthening expectations of an interest rate hike, according to Ku yong-uk, an analyst at Daewoo Securities. "First quarter earnings are also seen improving compared to the year before, thanks to reductions in loan-loss provisioning," Ku added. Shares in Shinhan Financial Group <055550.KS> rose 4.3 percent and Hana Financial Group <086790.KS> jumped 6 percent. Retailers rebounded for a second session. "Retailer underwent massive losses in the past month on worries consumer sentiment may be weakening, but the latest domestic economic data eased such worries," said Kim Jang-woo, a market analyst at Kyobo Securities. Shares in Lotte Shopping <023530.KS> rose 6.5 percent Shinsegae <004170.KS> climbed 2 percent. Lotte Shopping had fallen 14.6 percent in the month to Thursday's close and Shinsegae shed about 9 percent, compared with the KOSPI's around 3 percent loss. Shares in South Korea's top logistics firm Korea Express spiked 5.7 percent amid expectations of strong interest in a controlling stake ahead of a Friday deadline for preliminary bids. Trading volume for Korea Express shares was nearly twice thye 30-day average. Shares in major shareholders of Korea Express -- Asiana Airlines <020560.KS> and Daewoo Engineering & Construction <047040.KS> -- also rallied. Asiana Airlines rose 2.9 percent and Daewoo Engineering & Construction climbed 3.6 percent. Shares in KP Chemical <064420.KS> rose 1.6 percent after a local media report the Lotte Group unit planned to spend $400 million to expand its petrochemical plant in Pakistan in the second half of this year at the earliest.[ID:nTOE72208D] Memory chip makers were lifted by a 2 percent gain in the Philadelphia semiconductor index <.SOX>. Shares in Samsung Electronics <005930.KS>, the world's No.1 memory chip maker, rose 2.4 percent and Hynix Semiconductor <000660.KS>, the world's No.2, climbed 2.6 percent. Trading volume was 330.5 million shares worth 6 trillion won. The KOSPI 200 March futures <KSc1> index finished up 5.25 points at 264.95. The KOSPI 200 spot index <.KS200> rose 4.94 points to 265.42. The junior Kosdaq market <.KQ11> advanced 1.54 percent to 518.79. Move on day +1.73 percent 12-month high 2,121.06 27 Jan 2011 12-month low 1,532.68 25 May 2010 Change on yr -2.26 percent All-time high 2,121.06 27 Jan 2011 All-time low 93.10 6 JAN 1981 Recommend Send IM Story Print Related Articles China shares end up 1.4 pct near four-month high Reuters - 37 minutes ago FOREX-Euro holds huge gains, seen poised for further rise Reuters - 39 minutes ago UPDATE 1-SBM Offshore beats estimates on strong delivery Reuters - 41 minutes ago Sony says PS3s seized in Netherlands in LG dispute Reuters - 42 minutes ago Market Chatter -- Corporate finance press digest Reuters - 44 minutes ago News Search Top Stories World's sixth mass extinction may be underway: study World can handle choked oil supplies: Geithner Mubarak ally quits as Egyptian PM Young Mexican female police chief seeks US asylum Germany probes 'terror' attack at airport More Top Stories » ADVERTISEMENT Most Popular Most Viewed World's sixth mass extinction may be underway: study Young Mexican female police chief seeks US asylum On the nose: Sharks are stunning navigators Two US airmen shot dead at German airport Libya live report More Most Viewed » More Most Recommended » Elsewhere on Yahoo! 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