Seoul shares rose to a record on Wednesday as Hynix surged on a report predicting a gain in DRAM contract prices, while lenders such as Woori rallied after ratings agency Moody's said it may upgrade their debt ratings. A new month has brought new confidence, with the KOSPI up 5.4 percent in the three trading sessions of July, on the back of positive economic data.
Moody's Investors Services' move a day earlier to also put South Korea's debt ratings on review for a possible upgrade has boosted sentiment as well. The ebullient mood - with trading volumes strong - comes despite a recent surge in the South Korean won to its strongest in seven months against the dollar, which threatens to erode exporters' profits abroad and reduce their competitiveness against key regional rivals. The combined market value in the benchmark KOSPI and the junior Kosdaq markets surged to a record 1,014 trillion won ($1,101 billion).
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