You are here

Seoul: Shares enjoy biggest daily gain in 11 months; won firmer


[Seoul] South Korean shares soared on Monday, producing their largest one-day percentage gain in 11 months as better-than-expected US economic data sparked a relief rally in equity markets worldwide.

The Korea Composite Stock Price Index (KOSPI) climbed 1.55 per cent to close at 1,930.06 points. It was the biggest one-day rise since Nov 15, 2013.

The South Korean won firmed on Monday, supported by demand for the local currency as offshore players bought back oversold stocks.

Foreign investors bought a net 26.2 billion won (US$24.73 million) of shares on the main bourse on Monday, snapping a 12-day selling streak where they repatriated a net 2.4 trillion won (US$2.27 billion) worth.

The local currency was quoted at 1,059.6 to the dollar at the conclusion of onshore trade, compared to Friday's closing rate of 1,065.9. REUTERS