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Seoul: Stocks, won end higher on govt stimulus plan
[SEOUL] The South Korean won and shares rose on Tuesday after the government unveiled a 10 trillion won (S$11.5 billion) plan to help cushion the economy from prolonged export weakness and fallout from Britain's decision to leave the European Union.
The won was quoted at 1,171.3 to the dollar at the conclusion of onshore trade, up 0.9 per cent compared to Monday's close of 1,182.3.
The currency gained as much as 1.1 per cent, hitting 1,169.5 at one point during the day.
The Korea Composite Stock Price Index (KOSPI) closed up 0.5 per cent at 1,936.22 points as domestic institutions and individuals' stock purchases offset offshore investors' selling.
Foreign investors have been sellers for three straight days, offloading 370.3 billion won worth of KOSPI shares on Tuesday.