Seoul: Shares hit 14-week high on global recovery hopes

[SEOUL] South Korean shares jumped over 1 per cent to a 14-week high on Tuesday on global economic recovery hopes despite concerns over ongoing US-China tensions and protests in the United States.

The Seoul stock market's main Kospi closed up 22.11 points, or 1.07 per cent, at 2,087.19, its highest close since Feb 25.

South Korea's economy turned out to have shrunk by a seasonally adjusted 1.3 per cent in the January-March period from the previous quarter, while annual inflation rate in May fell below zero for the first time since September 2019.

The nation's finance ministry said it will take action to stabilise financial markets if US-China tensions over Hong Kong spark more volatility.

South Korea on Tuesday decided to resume dispute settlement proceedings over Japan's export controls as the two failed to make progress over talks to resolve the trade disputes rooted in wartime history.

Foreigners were net sellers of US$37.68 million worth of shares on the main board.

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REUTERS