Korean stocks have been performing sluggishly since the beginning of the year after advancing about 5 percent in December alone on the back of the U.S. central bank’s dovish shift in its monetary policy.
South Korean shares closed higher Wednesday after US reports showed softer inflation data that raised hopes of an end to US rate hikes. The local currency sharply gained ground against the US dollar. The benchmark Korea Composite Stock Price Index gained 53.42 points, or 2.2 percent, to close at 2,486.67. Trading volume was moderate at 413.1 million shares worth 9.22 trillion won ($7.08 billion), with gainers outnumb.