SEOUL: South Korean stocks scaled a fresh 3-month high on Wednesday after Federal Reserve Chair Janet Yellen refrained from giving clear hints on when the US central bank would raise interest rates.
The Korea Composite Stock Price Index (KOSPI) climbed 0.75 per cent to 1,990.91 points as of 0200 GMT, the highest intraday level since Nov 27.
“Yellen has made it clear that any changes in the Fed’s forward guidance only allows consideration of a rate rise, but in itself does not guarantee a hike after the next two meetings,” said Shinyoung Securities in a note to clients.
The KOSPI index broadened its gains after a private survey showed China’s factory activity had risen to a four-month high in February, marginally beating analyst forecasts.
