Seoul: Stocks post worst monthly drop in 10 years
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[SEOUL] South Korea's Kospi stock index closed higher for a second consecutive session on Wednesday, but still posted its steepest monthly percentage decline in 10 years. The South Korean won was steady against dollar while bond yields rose. At 0630 GMT, the Kospi closed higher by 15.00 points or 0.74 per cent at 2,029.69.
The main index plunged 13.4 per cent in October, the sharpest monthly percentage drop since October 2008. The two-session rebound appears to be a technical recovery after recent sharp losses, said Kim Hyoung-ryoul, chief of research center at Kyobo Securities.
Shares of Samsung BioLogics closed down 2.6 per cent as South Korea's financial regulator began a review of the drugmaker's alleged violation of accounting rules. It is uncertain when the Financial Services Commission will announce the result.
