S.Korea won strongest since early December as dollar sags globally; stocks edge up
18/03/2016 02:30
* KOSPI edge up as foreign investors' buying spree continues
SEOUL, March 18 (Reuters) - The South Korean won KRW= hit
its strongest level since early December against the dollar, as
the U.S. currency weakened all round in the wake of the Federal
Reserve's switch to a less hawkish outlook for U.S. interest
rates.
The wony KRW=KFTC stood at 1,162.1 per dollar, gaining 1.0
percent from Thursday's close at 1,173.3.
It reached as high as 1,156.3 when trading opened, recording
its highest level since Dec. 4 last year.
"The greenback's decline and rise in global oil prices
overnight are boosting the won along with currencies in other
emerging countries," said Park Yuna, a foreign exchange analyst
at Dongbu Securities.
Park added that the won is unlikely to firm beyond the 1,160
won level due to possible intervention by foreign exchange
authorities who have warned against excessive one-sided moves.
South Korean shares edged up, but gains were limited by
investors' profit-taking.
A North Korean ballistic missile launch on Friday also
caused jitters among market participants, analysts said.
urn:newsml:reuters.com:*:nL3N16P558
The Korea Composite Stock Price Index (KOSPI) .KS11 was up
0.2 percent at 1,992.75 points as of 0209 GMT.
Offshore investors were set to be buyers for seven
consecutive sessions, and purchased a net 93.0 billion Korean
won ($80.01 million) worth of KOSPI shares near mid-session.
Major steelmakers' shares rose with Posco 005490.KS rising
2.1 percent.
Daewoo Engineering & Construction Co Ltd 047040.KS rose
5.5 percent.
Advancers outnumbered decliners 404 to 388.
June futures on three-year treasury bonds KTBc1 shed 0.01
point to 110.12.
0209 GMT Prev close
Dollar/won 1,162.1 1,173.3
Yen/won 10.4572/27 10.3554
*KTB futures 110.12 110.13
KOSPI 1,992.75 1,987.99
* Front-month futures on three-year treasury bonds
(Reporting by Dahee Kim; Editing by Simon Cameron-Moore)
((Dahee.Kim@thomsonreuters.com; +82 2 3704 5643; Reuters
Messaging: dahee.kim@thomsonreuters.com))
Keywords: SOUTHKOREA MARKETS/