You are here

Seoul: Won reverses on S&P's credit rating upgrade, stocks up

24703666 - 10_07_2012 - ratings11.jpg

[SEOUL] The South Korean won changed course and ended higher on Monday after Standard and Poor's raised the country's long-term sovereign credit rating to AA from AA-minus with a stable outlook.

The won was quoted at 1,108.3 to the dollar at the conclusion of onshore trade, up 0.2 per cent compared to Friday's close of 1,110.4.

South Korean shares extended gains on foreign stock purchases, with the Korea Composite Stock Price Index (Kospi) ending at 2,031.12 points, up 0.7 per cent.

Offshore investors turned to buyers, purchasing a net 81.0 billion won (S$97.6 million) worth of Kospi shares.