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Seoul stocks ends at highest this year, won logs worst day in nearly 3-mths
May 14, 2014 / 6:19 AM / 4 years ago

Seoul stocks ends at highest this year, won logs worst day in nearly 3-mths

(For the midday report, please click )

SEOUL, May 14 (Reuters) - Seoul shares climbed to their strongest closing level this year on Wednesday, fuelled by robust foreign capital inflows while the won reversed earlier gains to finish weaker on suspected dollar purchases by local authorities.

The Korea Composite Stock Price Index (KOSPI) closed up 1.4 percent at 2,010.83 points, the strongest close since Dec. 30, 2013 and above the psychologically important 2,000-point threshold.

Foreign investors purchased a net 343.2 billion Korean won ($335.76 million) worth of KOSPI shares after repositioning as net buyers on Tuesday.

The local currency was quoted at 1,027.9 versus the dollar at the end of onshore trade, down 0.6 percent from Tuesday’s close at 1,022.1 and the biggest daily decline since Feb. 20.

The won traded at an intraday high of 1,021.3 per dollar prior to suspected intervention by the local foreign exchange authorities to tame strength in the local currency past midday, which weakened the won as low as 1,030.0.

$1 = 1022.1500 Korean Won Reporting by Jungmin Jang; Editing by Jacqueline Wong

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