Seoul: Shares close up 1%; won erases early loss to close flat

[SEOUL] Seoul shares rose 1 per cent on Tuesday on bargain-hunting after falling more than that the previous day, when the main board fell to a near five-month closing low.

The Korea Composite Stock Price Index (KOSPI) closed at 2,027.99 points. On Monday, it ended at 2,008.49 points, the lowest close since March 16.

The won erased an early loss and closed nearly flat on the dollar after Australia's central bank held interest rates at record lows during the session, while foreign buying in local stocks also bolstered the local currency.

The won closed at 1,165.5 per dollar, barely changed from the previous close at 1,165.9. It touched a morning low of 1,172.0.

REUTERS