South Korean shares hit a near two-month high on Thursday as investors' appetite for risk improved after US Federal Reserve Chairman Ben Bernanke reaffirmed his commitment to strong stimulus measures. The benchmark Korea Composite Stock Price Index (KOSPI) gained 1.1 percent to close at 2,026.49 points, its highest closing since January 2.
The KOSPI's rise mirrored Asian peers' 1.3 percent gain on Thursday after Bernanke strongly defended the US central bank's monetary stimulus in testimony before Congress. Bluechips gained across the board, with market heavyweight Samsung Electronics rising 1.1 percent after closing flat on Wednesday.
South Korean institutional and foreign investors bought a net 480 billion won ($442.63 million) worth of KOSPI shares at closing, buoying the main board. Gainers outnumbered declining shares 569 to 235. The KOSPI 200 benchmark of core stocks closed up 1.1 percent, while the junior KOSDAQ climbed 0.5 percent.
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