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Seoul: Shares hit 5-mth high on China rate cut; Samsung Elec rallies
[SEOUL] South Korean shares touched a fresh five-month high on Monday after a cut last week by largest trading partner China in its benchmark lending and deposit rates, in a bid to bolster its flagging economy.
The Korea Composite Stock Price Index (KOSPI) gained 0.55 per cent to close at 1,996.81 points.
The main bourse was underpinned by a rally of 4.9 per cent in Samsung Electronics en route to a 9-month intraday high, after the world's largest handset manufacturer unveiled the newest product in its Galaxy S line of smartphones.
The South Korean won fell on Monday as investors were caught wary of a weakening yen, although it pared losses in afternoon trade on exporter demand for settlements.
The local currency was quoted at 1,100.8 to the dollar at the conclusion of onshore trade, compared to Friday's session close of 1,098.4.