South Korean stocks track Wall Street to 1-month high after Fed keeps rates unchanged
- The benchmark KOSPI added 14.66 points, or 0.56%, to 2,643.28
SEOUL: Round-up of South Korean financial markets:
Chips stocks drive South Korean shares higher for third session
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South Korean shares rose on Thursday, tracking Wall Street’s overnight rally to a one-month peak after the US Federal Reserve’s policy meeting outcome.
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The benchmark KOSPI added 14.66 points, or 0.56%, to 2,643.28 as of 0224 GMT, after rising as much as 0.84% earlier in the session to its highest since February 21.
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US stocks gained on Wednesday after the Fed kept interest rates unchanged, in line with expectations, with policymakers and investors gauging how President Donald Trump’s tariff policies would affect the economy and inflation.
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South Korea’s acting President Choi Sang-mok on Thursday ordered authorities to monitor financial markets, policy changes in major countries, including the United States, and their impact on the domestic economy.
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Among index heavyweights, chipmaker Samsung Electronics rose 2.05% and peer SK Hynix gained 0.97%. Battery maker LG Energy Solution climbed 0.45%.
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Steelmaker POSCO Holdings jumped 7.2% and Hyundai Steel added 3.49%.
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Of the total 940 traded issues, 467 advanced and 390 declined.
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Foreigners net bought shares worth 147.9 billion won ($101.4 million).
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The won was quoted at 1,460.0 per US dollar on the onshore settlement platform, 0.21% higher than Wednesday’s close at 1,463.0.
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In money and debt markets, June futures on three-year treasury bonds rose 0.07 point to 106.86.
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The most liquid three-year Korean treasury bond yield fell by 2.6 basis points to 2.596%, while the benchmark 10-year yield rose by 2.9 basis points to 2.829%.
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