Seoul: Won, shares gain on hopes for expansionary policies

[SEOUL] The South Korean won rose on hopes that the newly formed government of President Moon Jae-In will help boost economic growth through expansionary fiscal policies.

Foreign investors extended their buying spree of local equities, which provided additional support for the currency.

The won was quoted at 1,127.9 to the US dollar at the conclusion of onshore trade, up 0.7 per cent compared to Wednesday's close of 1,135.8.

South Korean shares also rebounded on improved risk sentiment.

The Korea Composite Stock Price Index (Kospi) closed up 1.1 per cent at 2,295.49 points.

Offshore investors have been buyers for five straight sessions, purchasing a net 105.1 billion won (S$131.24 million) worth of Kospi shares for the day.

REUTERS