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피터빈트

Korean shares trade higher on Fed's dovish stance

By Korea Herald

Published : March 17, 2016 - 12:31

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South Korean shares traded higher late Thursday morning on eased uncertainties surrounding the Federal Reserve's policy direction and its dovish stance, feeding investors' appetite for risky assets.

Traders monitor Seoul share prices at a local bank. (Yonhap) Traders monitor Seoul share prices at a local bank. (Yonhap)
The benchmark Korea Composite Stock Price Index (KOSPI) surged 23.11 points, or 1.17 percent, to 1,998.01 as of 11:20 a.m.

After the Fed's decision to hold interest rates unchanged this month, offshore investors are showing a revived interest in emerging market stocks. Rising oil prices and commodity prices are also fueling bets on stocks, analysts said.

Foreigners continued to buy local stocks for a sixth straight session Thursday. They bought a net 214.17 billion won as of 11:20 a.m. Institutions and individuals were net sellers of stocks worth 217.10 billion won.

Most shares rose across the board. Top performers included techs, petrochemicals, automobiles and steelmakers. 

Market behemoth Samsung Electronics advanced 1.91 percent, and top automaker Hyundai Motor climbed 0.68 percent. No. 1 refiner SK Innovation jumped 3.54 percent. 

The Korean currency was trading at 1,174.30 won against the U.S. dollar, sharply up 19.00 won from Wednesday's close.

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