[SEOUL] South Korean shares rose on Wednesday to a five-month closing high, as encouraging results from an early-stage study of an experimental Covid-19 vaccine lifted risk appetite. The Korean won strengthened, while the benchmark bond yield fell.
The benchmark Kospi climbed 18.27 points or 0.84 per cent to 2,201.88, its highest close since Feb 19. Sharp overnight gains on Wall Street also boosted sentiment, with biotech company Moderna surging 18 per cent in extended trade after its Covid-19 vaccine showed it was safe and provoked immune responses in an ongoing early-stage study.
South Korea's unemployment rate fell marginally in June, but remained high in historical terms as businesses and labour markets continued to face pressure from the pandemic, which has infected more than 13.21 million people globally so far. Shares of Hyundai Motor, the nation's largest carmaker, closed up 7.4 per cent, a day after South Korea announced a"green new deal" project to spur use of environment friendly vehicles.
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