[Photo by Namkung Jin-woong = timeid@ajunews.com]
South Korea’s KOSPI main stock index rose about one per cent early on Monday as crude oil futures extended gains in early Asian trade on Monday with both Brent and U.S. crude near$32.50 a barrel.
“The market is relieved after seeing Wall Street rally on the back of a sharp rise in crude oil prices,” an analyst at Daewoo Securities said.
Oil prices surged 10 percent on Friday, one of the biggest daily rallies ever, as bearish traders who had taken out record short positions scrambled to close them, betting the market's long rout may finally be over. A massive snowstorm on the U.S. East Coast helped stoke demand for oil for heating, helping push up crude prices.
The S&P 500 rose 2 percent and the Dow added 1.3 percent Friday..
Global equities were also boosted last week as the European Central Bank signalled additional monetary easing steps to come.
By Alex Lee
reporter
Park Sae-jin
swatchsjp@ajunews.com
