SEOUL: Seoul shares rose by midday on Wednesday as builders led gains on expectations for increasing orders from Iran after Tehran and global powers reached a nuclear deal.
The Korea Composite Stock Price Index (KOSPI) was up 0.3 per cent at 2,065.06 points as of 0226 GMT from the previous close at 2,059.23. Gainers led losers by 1.18 to 1.
“Market’s rose today due to the deal as builders gained on expectations for more contracts from Iran and refineries were up on prospects for stabilisation in oil markets,” said Rhoo Yong-seok, an analyst at Hyundai Securities.
Builders outperformed the broader market, rising 2.8 per cent. Daelim Industrial Co Ltd gained 2.5 per cent after rising as much as 14.5 per cent to 98,000 won, its highest since Dec 2, 2013.
