[THE INVESTOR] South Korean shares bounced back late morning on June 28 as investors were relieved with the stimulus steps of central banks worldwide to contain the fallout from Brexit.

The benchmark Korea Composite Stock Price Index rose 1.55 points, or 0.08 percent, to 1,928.40 as of 11:20 a.m., after dropping to an intraday low of 1,907.49.

Investor sentiment is also boosted by the Korean government’s plan to draw up a 10 trillion won (US$8.4 billion)supplementary budget, to help cushion the impact from the Brexit turmoil and support the country‘s economic growth this year, analysts said. 


After the Brexit vote, more than US$2.5 trillion was wiped from global equity values on June 24 alone as investors reduced their risky assets and increased investments in safe havens such as the dollar.

Most large-cap stocks trimmed earlier losses or turned higher.

Market bellwether Samsung Electronics edged down 0.43 percent, top carmaker Hyundai Motor fell 1.06 percent, and No. 2 chipmaker SK hynix was down 2.65 percent.

State-run utility Korea Electric Power Corp. rose 1.89 percent, leading cosmetics maker AmorePacific climbed 1.33 percent, and top refiner SK Innovation gained 1.08 percent.

The local currency was changing hands at 1,176.30 won against the US dollar, up 6.00 won from the previous session’s close.

(theinvestor@heraldcorp.com)