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SEOUL, March 13 South Korean shares rose to
their highest level in more than 20 months on Monday as market
sentiment improved after the ouster of scandal-hit President
Park Geun-hye on Friday.
Stronger global stocks also lent support.
The Korea Composite Stock Price Index (KOSPI) closed
up 1.0 percent at 2,117.59 points, after surging to nearly
2,123, its strongest level since May 29, 2015.
The South Korean won was also boosted on the demand
for shares as well as broad global weakness of the dollar.
The won was quoted at 1,144.4 to the dollar at
the conclusion of onshore trade, up 1.1 percent compared to
Friday's close of 1,157.4.
"The conclusion of the impeachment process is credit
positive for the sovereign because it allows a new president to
come in and focus on formulating policies that address Korea’s
structural economic challenges amid growing domestic and
external headwinds to growth," credit rating Moody's said in a
statement on Monday.
(Reporting by Christine Kim; Editing by Kim Coghill)