Seoul: Stocks close all-time high, won at over 3-week high

[SEOUL] South Korean shares finished at all-time closing high on Thursday, tracking a Wall Street rally after less hawkish than expected comments from the US Federal Reserve chief and after the local central bank upgraded its economic outlook.

The Bank of Korea kept interest rates unchanged, as expected, on Thursday and said it sees the local economy growing 2.8 per cent this year, up from the 2.6 per cent forecast in April.

The Korea Composite Stock Price Index (Kospi) closed up 0.7 per cent at 2,409.49 points, a record-high closing level. The index touched as high as 2,422.26 during the session.

Offshore investors purchased a net 126.3 billion won (S$152.4 million) worth of Kospi shares on Thursday.

The South Korean won also rose to a more than three-week closing high.

The won was quoted at 1,136.3 to the US dollar at the conclusion of onshore trade, up 0.8 per cent compared with Wednesday's close of 1,145.1. It was the strongest closing level since June 20.

REUTERS