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South Korea won edges up on weaker dollar after US job miss, stocks flat

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The South Korean won strengthened moderately early on Monday as the greenback was weighed by slower-than-expected US job growth, suggesting the labour market was losing momentum despite a fall in the unemployment rate.

[SEOUL] The South Korean won strengthened moderately early on Monday as the greenback was weighed by slower-than-expected US job growth, suggesting the labour market was losing momentum despite a fall in the unemployment rate.

The won was quoted at 1,119.0 to the dollar as of 0223 GMT, up 0.3 per cent compared to the previous close of 1,121.8.

"US job data missing forecasts seems to be mainly driving the won's gains for today, along with fair support from offshore purchasers of local stocks," said Jeon Seung Ji, a foreign exchange analyst at Samsung Futures.

Mr Jeon added that the won was likely to linger at around the current level as investors will hold their positions ahead of many events such as former FBI director James Comey's testimony and Britain's national election later this week.

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South Korean shares edged lower on profit-taking as sentiment retreated after the attacks in London that killed at least seven people.

The Korea Composite Stock Price Index (Kospi) was down 0.2 per cent at 2,366.90 points.

Nonetheless, offshore investors were set to be net buyers, purchasing 66.8 billion Korean won worth of Kospi shares near mid-session.

Chipmaker SK Hynix lost nearly 2 per cent while Hyundai Mobis gained 2 per cent.

Advancing issues outnumbered decliners 483 to 321.

June futures on three-year treasury bonds gained 0.03 point to 109.68.

REUTERS

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