Seoul: Shares end at over 2-year high on Biden victory

[SEOUL] South Korean shares closed at their highest level in more than two years on Monday, tracking strength in global risk assets on expectations of fewer regulatory reforms and more stimulus under a Joe Biden presidency.

The benchmark Kospi ended up 30.70 points, or 1.27 per cent, at 2,447.20. The index extended gains to a sixth consecutive session.

"Biden's US election victory eased political uncertainties and fuelled stimulus hopes, lifting global shares ... China's upbeat data added to the sentiment," said Daishin Securities' analyst Lee Kyoung-min.

China's exports grew at the fastest pace in 19 months in October, beating forecasts, while imports also continued to rise, official data showed on Saturday.

Foreigners were net buyers of US$294.87 million worth of shares on the main board.

REUTERS