Seoul: Shares close at 5-month high, won rallies on Yellen testimony

[SEOUL] South Korean shares climbed to a 5-month high on Wednesday after Federal Reserve Chair Janet Yellen held back from giving clear hints on when the US central bank would raise interest rates.

The Korea Composite Stock Price Index (KOSPI) gained 0.7 per cent to close at 1,990.47 points, its highest close since Oct 1.

The main bourse extended gains after a survey on China's manufacturing activity edged up to a four-month high, marginally beating forecasts.

The South Korean won strengthened nearly 1 per cent against the dollar on uncertainty over the timing of the next US rate hike, finding further support from exporter demand for month-end settlements.

The local currency was quoted at 1,099.0 to the dollar at the conclusion of onshore trade, compared to 1,109.9 at the end of Tuesday's session.

REUTERS