Seoul: Won, stocks end at multi-week highs as Fed turns cautious again

[SEOUL] The South Korean won finished near a four-week high on Tuesday after comments by Federal Reserve Chair Janet Yellen eased concerns about the US economy while underscoring views it was in no rush to raise interest rates.

The won was quoted at 1,162.7 to the US dollar at the conclusion of onshore trade, up 1.8 per cent compared to previous close of 1,183.6.

South Korean shares hit their highest level since April 28, with foreign stock-buying largely supporting the main board.

The Korea Composite Stock Price Index (Kospi) closed up 1.3 per cent at 2,011.63 points.

Offshore investors bought a net 263.8 billion won (S$308.24 million) worth of Kospi shares for the day.

Steelmaker Posco rose sharply to near four-week high on hopes of stronger profits and ended up 6.9 per cent.

REUTERS