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S.Korean stocks hit more than 6-week high, won extends gains
December 8, 2016 / 7:38 AM / a year ago

S.Korean stocks hit more than 6-week high, won extends gains

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SEOUL, Dec 8 (Reuters) - South Korean shares on Thursday rose nearly 2 percent, reaching their highest in more than 6 weeks on Thursday, tracking Wall Street’s gains.

The Korea Composite Stock Price Index (KOSPI) climbed 1.97 percent at 2,031.07 points, rising for a third straight session.

The index surged despite remarks from the finance ministry, which expressed concerns about further risks to the economy from “domestic issues” amid parliament’s push to impeach President Park Geun-hye.

South Korean lawmakers will hold an impeachment vote on Park on Friday, a process that needs to be upheld by the Constitutional Court if approved.

On the stock market, Chemical industry and banking shares helped gains, jumping by 2.52 percent and 2.66 percent respectively.

Samsung Electronics Co. touched a record high intraday and closed up 1 percent at 1,790,000 won.

The won was quoted at 1,158.5 to the dollar at the conclusion of onshore trade, up 0.8 percent compared to Wednesday’s close of 1,167.9. (Reporting by Cynthia Kim; Editing by Richard Borsuk)

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