S.Korean stocks hit 6-mth high on foreign buying, Fed stimulus hopes

SEOUL: Round-up of South Korean financial markets: South Korean stocks rose for a fourth consecutive session on Thursday to close at their highest in six months amid continued strong foreign investor buying, with the US Federal Reserve pledging to utilise all ts means for economic recovery.

The won and the benchmark bond yield both fell.

The benchmark KOSPI closed up 3.85 points, or 0.17pc, at 2,267.01.

The index rose as much as 0.8pc in early trading to its highest intraday level since early October 2018.

Foreigners were net buyers of 224.3 billion won ($187.84 million) worth of shares on the main board.

Risk sentiment was buoyed after the US Federal Reserve kept its policy setting unchanged, while pledging it would use its full range of tools" if needed.

Meanwhile, the Fed and the Bank of Korea agreed to renew an existing currency swap agreement by six months to at least March 31 2021.

Shares of Samsung Electronics closed flat after the company posted a 23pc jump in operating profit in the April-June quarter, and expected a further pick-up in chip demand in the second half of the year.

Its peer SK Hynix, the world's No.2 chipmaker, gained 2.5pc.

The won ended trading at 1,194.4 per dollar on the onshore settlement platform, 0.11pc lower than its previous close at 1,193.1.

In offshore trading, the won was quoted at 1,194.1 per dollar, down 0.4pc from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,194.1.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.27pc.

In money and debt markets, September futures on three-year treasury bonds rose 0.04 points to 112.23.

The most liquid 3-year Korean treasury bond yield fell by 0.8 basis points to 0.803pc in late afternoon trade, while the benchmark 10-year yield fell by 2.4 basis points to 1.286pc.