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Seoul: Stocks, won hit 3-week closing lows as geopolitical tensions weigh

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[SEOUL] South Korean shares and its currency won closed at three-week lows on Thursday as geopolitical risks weighed on investor sentiment after North Korea test-fired a ballistic missile into the sea off its east coast on Wednesday.

The launch came ahead of a summit between US and Chinese leaders who are set to discuss Pyongyang's increasingly defiant arms programme.

The won was quoted at 1,133.2 to the US dollar at the conclusion of onshore trade, its lowest closing level since March 15. It was down 0.8 per cent, compared with Wednesday's close of 1,124.4.

The Korea Composite Stock Price Index (Kospi) ended 0.4 per cent lower at 2,152.75, the lowest since March 16.

Foreign investors offloaded a net 93.1 billion won (S$115.17 million) worth of Kospi shares, net selling equities for a fourth straight session.

REUTERS

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