Seoul: Shares power to 2-1/2 week high on Fed optimism; won flat
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[SEOUL] South Korean shares snapped a four-day losing streak on Friday, rallying hard as investors continued to lap up a buoyant mood in global markets after the US Federal Reserve's upbeat economic assessment and pledge to be patient in raising interest rates.
The Korea Composite Stock Price Index (KOSPI) climbed 1.7 per cent to close at 1,929.98 points.
The South Korean won closed almost flat, as dollar demand for settlements were offset by exporter selling to fund domestic transactions.
The local currency was quoted at 1,102.0 to the dollar at the conclusion of onshore trade, compared to Thursday's close of 1,101.5.
REUTERS
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