SEOUL: South Korean stocks ended 0.34 percent higher Thursday as the U.S. Federal Open Market Committee’s dovish stance helped to soothe investor concerns over an early rate hike, analysts said. The local currency gained ground against the greenback.
The benchmark Korea Composite Stock Price Index (KOSPI) moved up 7.02 points to 2,041.88. Trading volume was low at 381.13 million shares worth 5.24 trillion won (US$4.73 billion), with gainers beating decliners 443 to 378.
Analysts said the relatively dovish stance taken during the FOMC meeting may have helped ease global liquidity concerns.
“This year’s growth outlook for the U.S. economy was much lower than what was expected, and it seems that they are taking a more cautious stance,” said Soh Jae-yong, an analyst at Hana Daetoo Securities Co.
Market players had forecast that a rate hike may come sooner than later, the FOMC results did not give out many clues on the timing of the rate change.
Foreigners sold a net 251.41 billion won, and retail investors offloaded 271 million won. Institutions bought more shares than they sold at 246.83 billion won.
Market bellwether Samsung Electronics climbed 0.88 percent to 1,265,000 won, and flat screen maker LG Display added 0.38 percent to 26,450 won. Chipmaker SK hynix, in contrast, shrank 1.45 percent to 44,300 won.
