SEOUL: South Korean stocks scaled a 2-1/2 month peak on Monday morning, led by relief buying after Greece and its creditors struck a compromise deal to extend the debt-saddled nation’s bailout by four months.
The Korea Composite Stock Price Index (KOSPI) climbed 0.34 per cent to 1,968.06 points as of 0200 GMT, its highest level since December 9 and just above the index’s 120-day moving average of 1,963.87 points.
Monday was the first trading session for South Korean financial markets which were closed from Wednesday through Friday for the Lunar New Year holidays.
“Two critical hurdles were overcome during the break, namely the Greek debt negotiations and dovish hints from the FOMC minutes … now the path is clear for a relief rally backed by abundant liquidity,” said Lee Kyung-min, an analyst at Daishin Securities.
