Seoul: Stocks, won end higher on govt stimulus plan
[SEOUL] The South Korean won and shares rose on Tuesday after the government unveiled a 10 trillion won (S$11.5 billion) plan to help cushion the economy from prolonged export weakness and fallout from Britain's decision to leave the European Union.
The won was quoted at 1,171.3 to the dollar at the conclusion of onshore trade, up 0.9 per cent compared to Monday's close of 1,182.3.
The currency gained as much as 1.1 per cent, hitting 1,169.5 at one point during the day.
The Korea Composite Stock Price Index (KOSPI) closed up 0.5 per cent at 1,936.22 points as domestic institutions and individuals' stock purchases offset offshore investors' selling.
Foreign investors have been sellers for three straight days, offloading 370.3 billion won worth of KOSPI shares on Tuesday.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
Singapore stocks end lower after US market wobbles ahead of CPI data; STI down 0.2%
LSEG reports in-line first quarter as Microsoft partnership progresses
Japan brokerage Daiwa’s Q4 profit more than doubles as markets recover
South Korea readies new system to detect illegal short-selling
Asia: Markets mixed as global rally stalls, eyes on yen
Singapore shares retreat at Thursday’s open; STI down 1.1%