South Korean stocks closed higher on Monday on eased concerns over a British exit from the European Union following a lawmaker's death. The Korean won rose against the U.S. dollar.
The benchmark Korea Composite Stock Price Index rose 27.72 points, or 1.42 percent, to close at 1,981.12. Trade volume was moderate at 385 million shares worth 3.9 trillion won, with winners outnumbering losers 658 to 169.
(Yonhap)
The KOSPI got a boost from the revived risk-on appetite after the latest Brexit polls indicated a tilt in favor of Britain remaining in the 28-nation bloc, analysts said.
U.S. stocks closed lower on Friday ahead of this week's vote. A British exit from the EU, known as Brexit, is a key issue that will affect the global financial markets all this week.
"Volatility will likely remain high until Thursday's vote though Jo Cox's murder last week has reduced bets the Britain will vote for Brexit," Eugene Securities Co. economist Lee Sang-jae said.
Foreigners bought a net 19.33 billion won worth of stocks, and institutions were net buyers of local stocks worth 116.96 billion won. Individuals sold a net 182.53 billion won, keeping the index from rising further.
Most large caps advanced. Market bellwether Samsung Electronics Co. rose 0.4 percent to 1,431,000 won to support the broader market. The state-run Korea Electric Power Corp. gained 2.2 percent to 59,900 won.
Among decliners, No. 3 refiner S-Oil Corp. edged down 1.7 percent to 77,300 won, and top telecom player SK Telecom Co. fell 0.2 percent to 209,500 won.
The local currency closed at 1,160.80 won against the U.S. dollar, up 11.90 won from the previous session's close. (Yonhap)
