By Cho Hyung-kwon
Staff Reporter

The Seoul stock market closed at its highest level in more than 18 months on Monday as the capture of Saddam Hussein buoyed investors to purchase equities while advances in Asian markets also lifted investor sentiment.

The Korea Composite Stock Price Index (KOSPI) jumped 16.08 points, or 1.99 percent, to 822.16, a fresh year-high and the highest since hitting 822.01 on June 14, last year. Meanwhile, the tech-heavy Kosdaq added 0.49 point, or 1.04 percent, to 47.60.

The Nikkei 225 Average in Japan gained 3.16 percent to 10,490.77 while markets in Taiwan and Hong Kong were also higher.

``Hussein’s capture could provide a temporary catalyst for local and global equities due to the clearing up of geopolitical uncertainties, but it may not last in the long-term,’’ a local analyst said.

Foreign and institutional investors chalked up a total of 158 billion won of shares but retail investors dumped more than 111 billion won of shares.

Shares in the construction and aviation sectors posted larges gains led by Hyundai Engineering & Construction, which jumped to the daily limit of 15 percent.

Chohung Bank gained 5.06 percent to 3,940 won, Shinhan Financial Group added 4.16 percent to 18,750 won, Hyundai Motor put on 1.62 percent to 50,000 won, and Samsung Electronics was 1.31 percent higher to 461,000 won.

SK Telecom, Kookmin Bank, KT and Hana Bank also closed stronger but Kia Motors and LG Card ended the day in negative territory.

Advancing issues outnumbered decliners by a margin of three-to-one as some 398 million shares changed hands.

On the Kosdaq market, Asiana Airlines jumped 4.98 percent to 2,740 won, Hanaro Telecom added 1.65 percent to 3,680 won, and NHN gained 1.27 percent to 142,900 won.

Gaining issues beat fallers by a five-to-three ratio on trading of 470 million shares.


kevincho@koreatimes.co.kr