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Seoul: Stocks gain for fourth day; won closes nearly flat

Wednesday, November 30, 2016 - 15:07

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[SEOUL] South Korean shares ended November at their lowest since June despite gaining for a fourth day on Wednesday, after scandal-hit President Park Geun Hye asked parliament for a way to step down while opposition parties pressed on with moves to impeach her.

While South Korea's domestic political crisis has been a contributory factor, the main reason for the market's weak November performance was Donald Trump's surprise victory in the US presidential election, which battered risky assets globally.

The Korea Composite Stock Price Index (Kospi) closed the day 0.3 per cent higher at 1,983.37 points, but has lost 1.2 per cent over the month.

On Wednesday, the Kospi was boosted by Samsung Electronics Co Ltd, which struck a record high after promising higher dividends and a share buyback on Tuesday.

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The South Korean won finished onshore trade nearly flat and in monthly terms, but it was its lowest close since late May.

The won was quoted at 1,169.1 to the US dollar at the conclusion of onshore trade, down 0.05 per cent compared to Tuesday's close of 1,168.5.


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