Seoul: Stocks up for third day; markets await BOK, Powell speech

[SEOUL] South Korean shares ended higher on Wednesday, though gains were capped as investors refrained from placing big bets ahead of the Bank of Korea's policy meeting and a key speech by US Federal Reserve Chair Jerome Powell this week.

The Kospi closed up 8.51 points, or 0.27 per cent, at 3,146.81 2, rallying for a third straight session. The index rose 1.56 per cent on Tuesday in its sharpest daily gain in more than three months.

Among the heavyweights, technology giant Samsung Electronics rose 0.13 per cent and peer SK Hynix fell 1.43 per cent, while LG Chem rose 1.52 per cent and Naver fell 1.60 per cent.

Foreigners were net buyers of US$25.34 million worth of shares on the main board.

Mr Powell is scheduled to speak on Friday at the Fed's annual economic symposium.

Investors are now much less confident that Mr Powell's speech would indicate a timeline for winding down the Fed's bond-buying programme.

South Korea's central bank's policy decision meeting is scheduled for Thursday, where it is expected to deliver its first rate hike in nearly three years to curb surging household debt and home prices.

REUTERS