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Seoul: Won surges on Fed views, stocks close at highest since April 2015

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[SEOUL] The South Korean won strengthened to its highest close in more than two weeks on Thursday as market players grew confident that the Federal Reserve will hike US interest rates gradually.

The won was quoted at 1,132.0 to the US dollar at the conclusion of onshore trade, its highest since Feb 28. It was up one per cent compared to Wednesday's close of 1,146.3.

South Korean shares were also supported by Chair Janet Yellen's comments after a Fed policy meeting and reached their strongest closing level in near 23 months.

The Korea Composite Stock Price Index (Kospi) ended up 0.8 per cent at 2,150.08 points, the highest close since April 27, 2015.

Foreign investors were net buyers for a ninth straight session, purchasing 271.6 billion won (S$339.824 million) of Kospi shares for the day.

REUTERS

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