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Seoul: Stocks, won up on global economic recovery hopes

Wednesday, March 2, 2016 - 14:26

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[SEOUL] South Korean shares jumped to their highest in two months on Wednesday, with investors encouraged by China delivering fresh monetary stimulus and positive economic data out of the United States that raised hopes for a recovery in the global economy.

The Korea Composite Stock Price Index (KOSPI) closed up 1.6 per cent at 1,947.42 points. It reached its highest level since Jan 4 this year during the session.

The South Korean won was also buoyed by the risk-on sentiment. The local currency was quoted at 1,227.5 to the US dollar at the conclusion of onshore trade, up 0.7 per cent compared to Monday's close of 1,236.7 to mark a one-week high.

Local markets were closed for a national holiday on Tuesday.

REUTERS

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