Seoul: Won hits 6-mth high ahead of Fed meeting; shares down

[SEOUL] The South Korean won climbed to a near six-month high against the dollar on Tuesday on expectations the US Federal Reserve will take a dovish stance on the timing of an interest rate hike.

The won ended onshore trade up 0.3 per cent at 1,070.0 per dollar, the highest level since Oct 31. On Monday, it closed at 1,073.0.

The Korea Composite Stock Price Index (KOSPI) edged down 0.5 per cent to 2,147.67 points. The main bourse slid for three straight sessions.

Offshore investors snapped a 15-day buying streak, dumping a net 3.5 billion won (S$4.34 million) of Kospi shares, preliminary exchange data showed.

REUTERS