You are here
Seoul: Stocks touch over 20-month high after Park ouster
[SEOUL] South Korean shares rose to their highest level in more than 20 months on Monday as market sentiment improved after the ouster of scandal-hit President Park Geun-hye on Friday.
Stronger global stocks also lent support.
The Korea Composite Stock Price Index (KOSPI) closed up 1.0 per cent at 2,117.59 points, after surging to nearly 2,123, its strongest level since May 29, 2015.
The South Korean won was also boosted on the demand for shares as well as broad global weakness of the dollar.
The won was quoted at 1,144.4 to the dollar at the conclusion of onshore trade, up 1.1 per cent compared to Friday's close of 1,157.4. "The conclusion of the impeachment process is credit positive for the sovereign because it allows a new president to come in and focus on formulating policies that address Korea's structural economic challenges amid growing domestic and external headwinds to growth," credit rating Moody's said in a statement on Monday.