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South Korea stocks gain for fifth session as Trump returns to White House

  • Meanwhile, South Korea reported 75 new coronavirus cases as of Monday midnight, according to the Korea Disease Control and Prevention Agency.
Published October 6, 2020
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SEOUL: Round-up of South Korean financial markets:

South Korean shares closed higher on Tuesday for the fifth straight session as markets across Asia rose after US President Donald Trump was discharged from hospital following treatment for COVID-19. Both the won and the benchmark bond yield rose.

The KOSPI climbed 7.90 points, or 0.34pc, to 2,365.90, its highest close in two weeks.

Trump returned to the White House on Monday after a three-night hospital stay for COVID-19 treatment and said he felt "real good".

Hopes for a fresh US stimulus package appeared to brighten after US House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin spoke by phone for about an hour on Monday on coronavirus economic relief and were preparing to talk again on Tuesday.

Meanwhile, South Korea reported 75 new coronavirus cases as of Monday midnight, according to the Korea Disease Control and Prevention Agency.

Foreigners were net buyers of 31.1 billion won ($26.77 million) worth of shares on the main board.

"Foreign investors were seen increasing their bets on companies with optimistic earnings forecasts," said Seo Sang-young, Kiwoom Securities' analyst.

The won ended trading at 1,161.0 per dollar on the onshore settlement platform, 0.21pc higher than its previous close at 1,163.4.

In offshore trading, the won was quoted at 1,161.1 per dollar, down 0.3pc from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,160.7.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 1.21pc.

In money and debt markets, December futures on three-year treasury bonds fell 0.11 point to 111.85 in late afternoon trade.

The most liquid 3-year Korean treasury bond yield rose by 1.9 basis points to 0.902pc, while the benchmark 10-year yield rose by 4.2 basis points to 1.521pc.

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