Seoul: Shares rise for fifth day in longest 2020 rally on recovery, stimulus hopes

[SEOUL] South Korean shares ended higher for a fifth straight session on Thursday in their longest rally so far this year, as hopes of an economic recovery and fresh stimulus measures from the United States and China offset concerns over bleak domestic exports data. 

The Seoul stock market's main index Kospi closed up 8.67 points, or 0.44 per cent, at 1,998.31.

Stocks rose for the fifth straight session on underlying hopes for economic recovery, with investors looking ahead to a policy meeting in China for large-scale stimulus packages, said Seo Jung-hun, an analyst at Samsung Securities.

Minutes from the US Federal Reserve's April meeting released on Wednesday showed policymakers affirmed a pledge to keep interest rates near zero until they are confident that the economy is on track to recovery.

South Korean exports for the first 20 days of May tumbled 20.3 per cent year-on-year, as US and European Union-bound shipments continued to collapse, highlighting the damage on global demand from the coronavirus outbreak.

Foreigners were net buyers of US$62.54 million worth of shares on the main board.

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REUTERS