Seoul: Stocks surge to 6-year high on large foreign demand

[SEOUL] South Korean shares soared to a near six-year closing high on Tuesday, as foreign investors boosted their purchases of local equities on optimism over firm corporate earnings.

The Korea Composite Stock Price Index (Kospi) closed up 1.1 per cent at 2,196.85 points, the highest since May 3 of 2011.

Offshore investors purchased 648 billion won (S$798 million) worth of Kospi shares for the day.

The South Korean won erased earlier losses and rebounded to a three-week high as increased foreign demand for the currency lent support.

The won was quoted at 1,125.4 to the US dollar at the conclusion of onshore trade, up 0.4 percent compared to Monday's close of 1,129.9. It was the highest closing level since April 5.

REUTERS