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Seoul: Stocks close at highest in 2016, won jumps
[SEOUL] South Korean stocks rallied on Thursday to their highest close in 2016 as stabilising oil prices and hopes of sustained policy easing in major regions bolstered demand for risk assets.
The Korea Composite Stock Price Index (KOSPI) closed 0.84 per cent higher at 1,969.33, its highest close since Dec. 24, 2015. It also represents an 8.4 per cent increase from a 2016 intraday low of 1,817.97 points set on Feb. 12.
The won jumped 1 per cent to end the session at 1,203.5 per dollar as the South Korean central bank's hesitant stance towards a further rate cut combined with increases in risk assets globally, attracted investors.