Seoul: Stocks gain the most in nearly 5 months on strong global data

[SEOUL] South Korean shares climbed the most in nearly five months on Tuesday as strong factory output data from major economies offset US election jitters and concerns over a resurgence in coronavirus cases.

The Kospi closed up 43.15 points, or 1.88 per cent, at 2,343.31, logging the sharpest daily percentage gain since June 16. The index rose 1.46 per cent on Monday.

Robust factory data from China, the United States and the Euro zone on Monday eased growing concerns about global growth in the face of a resurgent pandemic.

Meanwhile, investors awaited results of the US election after a polarising campaign where President Donald Trump and his Democratic rival, Joe Biden, have alluded to post-election disputes.

"There's a possibility that market uncertainties may persist in case of disapproval of the US presidential election result," said Hana Financial Investment analyst Lee Young-gon.

Markets largely shrugged off South Korea's annual inflation data, which slowed in October with the core rate declining at its fastest pace in over 21 years.

Foreigners were net buyers of US$180.10 million worth of shares on the main board.

REUTERS