Markets

South Korean won logs best day in 7 weeks; stocks rebound

Published June 26, 2014 Updated June 26, 2014 07:45am

1 min

By Shoaib Ur Rehman

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SEOUL: The South Korean won strengthened against the dollar, posting its largest daily gain in seven weeks as the greenback was laid low by a downward revision to US gross domestic product data showing the economy contracted more than expected.

The won was quoted at 1,016.2 per dollar at the end of onshore trade, up 0.5 percent from Wednesday's 1,021.0 and the biggest daily percentage rise since a 0.8 percent gain on May 7. Won buying by South Korean exporters in order to meet end of month settlements added to the currency's strength.

The Korea Composite Stock Price Index (KOSPI) closed up 0.7 percent at 1,995.05 points, the highest close since June 17 and bounced back from the Wednesday's 0.6 percent decline.

Kia Motors Corp rose 2.6 percent on expectations that the South Korean automaker may build its first factory in Mexico.

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