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Seoul: Stocks end higher for eighth day on quicker recovery hopes

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South Korean shares closed higher for an eighth straight session on Tuesday as hopes of a quicker global economic recovery grew amid some caution ahead of the US Federal Reserve's meeting.

[SEOUL] South Korean shares closed higher for an eighth straight session on Tuesday as hopes of a quicker global economic recovery grew amid some caution ahead of the US Federal Reserve's meeting.

The Korean won hit a three-month high, while the benchmark bond yield fell.

The Kospi closed up 4.63 points or 0.21 per cent at 2,188.92.

Among shares, Samsung Electronics closed up 1.1 per cent after a South Korean court denied an arrest warrant request for the group's heir Jay Y Lee over accusations of accounting fraud and stock manipulation.

Defence-related firms surged after North Korea said it would close lines of communication at an inter-Korean liaison office and hotlines between the two militaries and presidential offices.

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Investors are eyeing whether the US Federal Reserve gives out a clear message that it will remain dovish for a while, said Suh Jung-hun, an analyst at Samsung Securities.

Foreigners were net sellers of 21.20 billion won (S$24.6 million) worth of shares on the main board.

The won closed trading 0.59 per cent higher at 1,197.7 per dollar on the onshore settlement platform, its highest close since March 11.

In offshore trading, the won was quoted 0.2 per cent lower at 1,197.7 per dollar, while in non-deliverable forward trading, its one-month contract was quoted at 1,198.3.

In money and debt markets, June futures on three-year treasury bonds rose 0.18 point to 112.08.

The most liquid 3-year Korean treasury bond yield fell by 4.3 basis points to 0.861 per cent, while the benchmark 10-year yield fell by 5.8 basis points to 1.399 per cent.

REUTERS

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