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Seoul: Shares up on foreign buying as won hits 18-month high

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[SEOUL] South Korean shares reversed course on Tuesday to end higher for a second straight session, buoyed by strong buying interest from foreign investors as they increased their exposure to a strengthening won. The currency scaled a near 18-month high, while the benchmark bond yield rose.

The benchmark Kospi rose 11.67 points, or 0.50 per cent, to 2,358.41.

Foreigners were net buyers of 41.6 billion won (S$49.5 million) worth of shares on the main board.

The Kospi reversed from early losses as foreign investors increased buying with the won's gains on hopes that the currency would gain further, said Na Jeong-hwan, an analyst at DS Investment & Securities.

The Kospi has risen 7.31 per cent so far this year, but lost 0.1 per cent in the previous 30 trading sessions.

The trading volume during the session in the Kospi index was 862.45 million shares. Of the total traded issues of 905, the number of advancing shares was 320.

REUTERS

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