Seoul: Shares extend rally for eighth day on US stimulus hopes
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[SEOUL] South Korean shares rose for an eighth straight day on Monday, as US stimulus hopes boosted investor sentiment.
The benchmark Kospi ended up 11.77 points, or 0.49 per cent, at 2,403.73, the highest close since Sept 18.
The Trump administration on Sunday called on Congress to pass a stripped-down coronavirus relief bill, as negotiations on a broader package ran into resistance.
South Korea's exports for Oct 1-10 plunged near 30 per cent, as fewer working days due to holidays outweighed strong chip demand.
The country's central bank is expected to keep interest rates on hold on Wednesday as its concerns over rising household debt and property prices would most likely put a bar on any policy changes.
Foreigners were net buyers of US$120.31 million worth of shares on the main board.
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REUTERS
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