South Korea: Signs of thaw in Seoul-China row spurs stocks to record high, won firms

[SEOUL] South Korean shares rose on Tuesday, notching a record high for a third successive session, after Seoul and Beijing agreed to work swiftly to get strained relations back on track.

Market heavyweight Samsung Electronics gave an additional boost to the benchmark stock index, as its shares rose nearly 2 per cent after it announced shareholder-friendly policies and the designation of new leaders.

The Korea Composite Stock Price Index (KOSPI) closed up 0.9 per cent at an all-time high of 2,523.43 points.

Foreign investors bought a net 412.5 billion won (S$501.4 million) worth of shares for the day.

The South Korean won was lifted by offshore investors' strong demand for local equities and ended at a nine-week high.

The won was at 1,120.4 to the dollar at the conclusion of onshore trade, up 0.4 per cent from Monday's close of 1,124.6. It was the highest closing level since Aug 28.

REUTERS