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S.Korean stocks post biggest monthly gain in more than 5 yrs
May 31, 2017 / 6:53 AM / 6 months ago

S.Korean stocks post biggest monthly gain in more than 5 yrs

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SEOUL, May 31 (Reuters) - South Korean shares rebounded slightly on Wednesday to post the biggest monthly gains in more than five years on strong expectations for upbeat earnings in the second quarter and amid an optimistic growth outlook for the local economy.

The Korea Composite Stock Price Index (KOSPI) closed 0.2 percent higher at 2,347.38, with the index gaining 6.4 percent in May, the biggest monthly percentage gain since January, 2012.

The South Korean won strengthened later in the session as investment sentiment was supported by better-than-expected Chinese PMI data.

The won was quoted at 1,119.5 to the dollar at the conclusion of onshore trade, up 0.5 percent versus Tuesday’s close of 1,125.1. The currency also posted monthly gains of 1.6 percent against the greenback, the biggest in three months. (Reporting by Dahee Kim; Editing by Biju Dwarakanath)

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