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South Korean shares climbed on Tuesday after a rise in Wall Street and steps by China to shore up its economy boosted the risk appetite, led by demand for securities companies on expectations of higher earnings.
The Korea Composite Stock Price Index (KOSPI) edged up 0.2 per cent to 2,033.36 as of 0253 GMT. South Korean shares have jumped 6.2 per cent this quarter, putting them on track for their biggest quarterly gain since the third quarter of 2013.
On a monthly basis, the index is up 2.4 per cent, set for its best month since July 2014. “Investors expected a higher performance this quarter ahead of the earnings season,’’ said Lee Kyung-min, an analyst at Daishin Securities on Tuesday.
The sub-index for brokerage houses rose 1.6 per cent to 2,339.17, with Golden Bridge Investment and Securities jumping 14 per cent and KTB Investment and Securities up 11.7 per cent.
Market heavyweight Hyundai Motor was up 0.6 per cent at 168,000 won after trading as high as 172,500 won early in the session.
Won falls
The South Korean won fell on expectations that the US central bank would start raising interest rates gradually later this year.
The won was down 0.3 per cent at 1,108.7 per dollar, compared with the previous close of 1,104.9. It has fallen 0.9 per cent in March. June futures on three-year treasury bonds were up 0.04 point at 109.48 as of 0253 GMT.
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