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Seoul: Stocks reclaim 2,000 level following Wall Street rally; won down
[SEOUL] South Korean shares rose back above the psychological 2,000-point level on Monday following a rally in US markets and on growing expectations that the European Central Bank will soon add more stimulus.
The Korea Composite Stock Price Index (KOSPI) climbed 0.7 per cent to 2,004.09 points as of 0230 GMT. Shares were on the track for their biggest gain in two weeks by mid-session.
The South Korean won was down 0.4 per cent at 1,158.3 per dollar.
Late on Friday, ECB chief Mario Draghi hinted that the ECB will unveil fresh stimulus measures at its Dec 3 policy meeting.
"Big events scheduled for December, such as U.S. Fed meeting and ECB meeting, are testing market liquidity," said Rhoo Yong-seok, a stock analyst at Hyundai Securities.
Shares in Samsung C&T rose 6 per cent after the company said it had won a 979 billion won order to build underground roadway in Sydney.
Hanmi Pharm Co Ltd rose 7.5 per cent after saying it is seeking US approval to begin a phase 2 clinical trial of an anti-cancer drug, poziotinib.
Hanmi Pharmaceuticals entered into licensing agreement with Spectrum Pharmaceuticals for poziotinib for the treatment of cancer in early March.
Offshore investors sold a new 69.1 billion won (S$84.56 million) of Kospi shares by near mid-session, weighing on the index.
December futures on three-year treasury bonds gained 0.04 points at 109.29.