Seoul: Won hits a four-week high; shares rise for 5th day

[SEOUL] The South Korean won rose to its highest in four weeks against the dollar on Monday, bolstered by new offers from Greece to avert a debt default.

The European Union welcomed the new proposals from Greek Prime Minister Alexis Tsipras ahead of a summit of euro zone leaders in Brussels later in the day that they hope can keep Greece in the currency bloc.

The won closed local trade up 0.8 per cent at 1,098.8. The won touched as high as 1,097.5, the highest level since May 26.

The Korea Composite Stock Price Index (KOSPI) ended up 0.4 per cent at 2,055.16 points, gaining for a fourth day.

Shinsegae Co Ltd rose 16.4 per cent on expectations that the company would get one of two licenses for new duty-free shop in the downtown.

Rival bidder Hotel Shilla Co Ltd and its partner Hyundai Development Co Engineering & Construction also gained 4.7 per cent and 9.8 per cent, respectively.

REUTERS