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Seoul: Shares hit 11-week high on economic recovery hopes

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South Korean shares rose for the second straight session on Tuesday, settling at their highest level since early March, as risk sentiment improved across Asian markets after more countries reopened their economies and on stimulus hopes.

[SEOUL] South Korean shares rose for the second straight session on Tuesday, settling at their highest level since early March, as risk sentiment improved across Asian markets after more countries reopened their economies and on stimulus hopes.

The Seoul stock market's main Kospi closed up 35.18 points, or 1.76 per cent, at 2,029.78.

Japan lifted a state of emergency for Tokyo and four remaining areas on Monday after the number of infections fell across the country.

The Chinese central bank governor said on Tuesday the country would strengthen its economic policy and continue efforts to lower interest rates on loans.

South Korea's central bank is expected to cut its policy rate to a record low on Thursday, according to a Reuters poll.

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The market rose on economic recovery hopes, but worries about the Sino-US rift remained amid tensions over Huawei sanctions and Hong Kong, said Na Jeong-hwan, an analyst at DS Investment & Securities.

Foreigners were net buyers of US$7.21 million worth of shares on the main board.

REUTERS

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