May 8, 2017 / 2:35 AM / in 3 months

S.Korea stocks rally as Macron elected president of France, won steady

2 Min Read

    * Macron election win boosts risk appetite
    * Foreigners snap up KOSPI shares
    * Won steady despite dollar strength

    SEOUL, May 8 (Reuters) - South Korean shares extended their
rally early on Monday as centrist Emmanuel Macron was elected
French president on Sunday with a business-friendly vision of
European integration, sparking demand for riskier assets among
foreign investors.             
    The Korea Composite Stock Price Index (KOSPI)         was up
0.5 percent at 2,253.04 points, setting a record high.
    "Macron's win against far-right nationalist Marine Le Pen
brought about a positive impact on overall market flow,
attracting offshore investors," said Lee Kyung-min, a stock
analyst at Daishin Securities.
    Lee expects the rally to continue for a few more days after
South Korea's presidential election on Tuesday, but after that
investors would have to gauge the new president's policies.
    Offshore investors were set to be net buyers for a third 
consecutive session, purchasing 151.7 billion Korean won
($133.92 million) worth of KOSPI shares near mid-session,
buttressing the index. 
    LG Electronics             gained over 5 percent on strong
foreign demand. Chipmaker SK Hynix             gained nearly 1
percent, setting a record price.
    Advancers outnumbered decliners 410 to 357.
    The South Korean won        held steady at 1,133.1 versus
the dollar, little changed from its previous close of 1,132.7,
with Macron's election victory offsetting the greenback's
strength after a sharp rebound in U.S. job growth.             
    June futures on three-year treasury bonds         shed 0.04
point to 109.37. 
    
                       0200 GMT    Prev close
 Dollar/won             1,133.1       1,132.7
 Yen/won             10.0390/70       10.0425
 *KTB futures            109.37        109.41
 KOSPI                 2,253.04      2,241.24
 * Front-month futures on three-year treasury bonds
    

 (Reporting by Dahee Kim; Editing by Eric Meijer)
  

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