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S.Korean won rises, stocks at 3-month closing high
April 1, 2014 / 6:17 AM / 4 years ago

S.Korean won rises, stocks at 3-month closing high

(For the midday report, please click )

SEOUL, April 1 - South Korea’s won rose to an 11-week closing high on Tuesday, fuelled by a slew of upbeat economic indicators and dovish comments from U.S. Federal Reserve chief Janet Yellen, while stocks hit their highest closing level so far this year.

The local currency was quoted at 1,058.5 against the dollar at the end of onshore trade, up 0.6 percent from Monday’s close of 1,064.7 and the strongest close since Jan. 13.

A slew of upbeat South Korean economic indicators pointed to the country’s robust economic recovery, and an improvement in China’s factory activity reading lifted the local stock market.

The Korea Composite Stock Price Index (KOSPI) closed 0.3 percent higher at 1,991.98 points, rising for a fifth straight session to its highest closing level since Dec. 30.

Foreign investors bought a net 206.2 billion won ($193.7 million) worth of KOSPI shares to buttress the main bourse.

$1 = 1064.4500 Korean Won Reporting by Jungmin Jang; Editing by Jacqueline Wong

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