Seoul: Stocks surge; up 50% from March lows as techs lead relief rally

South Korean stocks surged nearly 3 per cent to close at a more than three-month high on Wednesday, led by bluechips such as Samsung Electronics and Hyundai Motor and as global economic recovery hopes offset concerns over Sino-US tensions.[SEOUL] South Korean stocks surged nearly 3 per cent to close at a more than three-month high on Wednesday, led by bluechips such as Samsung Electronics and Hyundai Motor and as global economic recovery hopes offset concerns over Sino-US tensions.

The benchmark Kospi ended up 2.87 per cent at 2,147, its highest closing level since Feb 21, before the global spread of the novel coronavirus. The index is also up nearly 50 per cent from its March lows, in the steepest equity relief rally across Asia, aided by the government handling the Covid-19 crisis well.

"...bold fiscal expansion and monetary easing have been supporting stock prices even as economic indicators yet show clear signs of improvement," said Choi Seok-won, head of SK Securities' research centre. Chip giants Samsung Electronics and SK Hynix surged over 6 per cent each, while Hyundai Motor Co gained 5.9 per cent after its global sales jumped.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Asia stocks make cautious gains as US-China worries slow recovery rallySINGAPORE (REUTERS) - Asian stocks eked out gains on Tuesday (June 2) as investors' focus on the prospects of a global coronavirus recovery won out over familiar worries about US-China relations and the depth of economic damage.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »

SE Asia Stocks-Extend rally on rebound hopes; Indonesia, Malaysia up for sixth dayREUTERS
Source: TODAYonline - 🏆 1. / 99 Read more »

Stocks make cautious gains as US-China frictions slow recovery rallySINGAPORE: Asian stocks rose on Tuesday (Jun 2) as investors' focus on the prospects of a global coronavirus recovery won out over familiar ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Stocks under pressure as Trump vows to end violent protestsAsian stocks were set to come under pressure on Tuesday following a dip in Wall Street futures as U.S. President Donald Trump vowed to use force ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Tokyo: Stocks open higher despite protests, US-China tension[TOKYO] Tokyo stocks opened higher on Tuesday tracking rallies on Wall Street, shrugging off unrest in many US cities during anti-racism protests, and simmering US-China tensions. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

US stocks edge up as market digests protests, reopeningsNEW YORK (AFP) - Wall Street stocks edged higher early Monday (June 1) as markets digested a weekend of civil rights protest across the US as the country began to reopen after weeks of coronavirus shutdowns.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »