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4 months ago
S.Korean won surges on Fed views, stocks close at highest since April 2015
March 16, 2017 / 7:00 AM / 4 months ago

S.Korean won surges on Fed views, stocks close at highest since April 2015

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SEOUL, March 16 (Reuters) - The South Korean won strengthened to its highest close in more than two weeks on Thursday as market players grew confident that the Federal Reserve will hike U.S. interest rates gradually.

The won was quoted at 1,132.0 to the dollar at the conclusion of onshore trade, its highest since Feb. 28. It was up 1 percent compared to Wednesday's close of 1,146.3.

South Korean shares were also supported by Chair Janet Yellen's comments after a Fed policy meeting and reached their strongest closing level in near 23 months.

The Korea Composite Stock Price Index (KOSPI) ended up 0.8 percent at 2,150.08 points, the highest close since April 27, 2015.

Foreign investors were net buyers for a ninth straight session, purchasing 271.6 billion won ($240.15 million) of KOSPI shares for the day. (Reporting by Dahee Kim; Editing by Richard Borsuk)

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