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Seoul: Stocks close at six-year high on strong exports, won firms

Tuesday, May 2, 2017 - 16:09

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[SEOUL] South Korean shares ended at a six-year closing high on Tuesday, bolstered by the country's exports, which grew at their fastest rate since 2011, increasing demand for local stocks.

The Korea Composite Stock Price Index (Kospi) closed up 0.7 per cent at 2,219.67 points, the highest since May 2, 2011.

Foreign investors purchased a net 131.9 billion won (S$160.6 million) worth of Kospi shares during the session.

South Korean markets were closed on Monday for a public holiday, with investors reacting to the strong trade data on Tuesday.

The South Korean won also climbed on large volumes of stock purchases and exporters' US dollar-selling that was postponed from end-April.

The won was quoted at 1,130.5 to the US dollar at the conclusion of onshore trade, up 0.7 per cent compared to Friday's close of 1,137.9.

South Korean markets will also be closed on Wednesday and Friday due to national holiday.

REUTERS

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