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Seoul: Shares hit 7-week high on China rate cut; won nearly flat

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[SEOUL] South Korean shares climbed to a seven-week high on Monday as risk appetite was sharpened by China's surprise decision to cut interest rates for the first time in more than two years.

The Korea Composite Stock Price Index (KOSPI) rose 0.7 per cent to close at 1,978.54 points.

The South Korean won was nearly flat on Monday, surrendering early gains to track the weakness of the Japanese yen during the afternoon session.

The South Korean currency was quoted at 1,112.3 to the dollar at the conclusion of onshore trade, against Friday's closing rate of 1,113.8.

REUTERS