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Seoul: Won posts biggest monthly gain since March 2009; shares ease

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[SEOUL] The South Korean won strengthened for a fourth straight session on Thursday, closing at a four-month high as the dollar continued to struggle all round after US Federal Reserve Chair Janet Yellen's dovish comments earlier this week.

The won ended onshore trade at 1,143.5 to the dollar, strengthening 0.6 per cent from Wednesday's close of 1,150.8.

The won gained 8.2 per cent in March, emerging from four consecutive months of decline to show its biggest monthly gain since March 2009.

It gained 2.5 per cent for the quarter.

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The Korea Composite Stock Price Index (KOSPI) closed down 0.3 per cent at 1,995.85 points, posting its biggest daily per centage loss since February 12.

Foreigners sold heavily after the index breached the 2,000-points level for the first time this year on Wednesday.

Foreigners sold a net 210.0 billion won (S$248.5 million) worth of shares.

For the month, KOSPI gained 4.1 per cent, the biggest monthly gain since April last year.

Shares rose 1.8 per cent over the quarter.

REUTERS

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