Seoul: Stocks rise to over 1-week high before Fed; won firmer

[SEOUL] South Korean shares rose to over 1-week high on Wednesday, buoyed by stabilisation in oil prices and a rally in global markets as investors braced for a rate decision by the US Federal Reserve.

The Korea Composite Stock Price Index (KOSPI) climbed 1.9 per cent to close at 1,969.40 points, posting the highest per centage gain since September 16. It rose as much as 2.2 per cent in the afternoon trade.

Foreigners were net sellers for an 11th straight session, dumping a net 186.2 billion won (S$223 million) worth of shares on the main board.

The South Korean won closed local trade up 0.6 per cent at 1,176.2 on the dollar.

REUTERS