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Seoul: Won down for 4th day as Park political crisis deepens

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The South Korean won weakened for a fourth straight session early on Monday amid a growing political crisis after thousands of demonstrators marched in the capital to protest against President Park Geun Hye, who is embroiled in a scandal.

[SEOUL] The South Korean won weakened for a fourth straight session early on Monday amid a growing political crisis after thousands of demonstrators marched in the capital to protest against President Park Geun Hye, who is embroiled in a scandal.

The South Korean prosecutors' office said on Sunday that Ms Park will be questioned over allegations she allowed a friend to meddle in affairs of state, but the timing was yet to be decided.

The greenback's continuing rally since the US presidential election also put pressure on the South Korean currency.

The won stood at 1,169.4 against the US dollar as of 0244 GMT, up 0.4 per cent compared to Friday's close of 1,164.8.

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The Korea Composite Stock Price Index (Kospi) was down 0.2 per cent at 1,979.53 points.

Jung Sung Yoon, a foreign exchange analyst at Hyundai Futures said that deepening political anxiety within South Korea was driving stocks down, undermining foreign investor confidence.

"The stronger dollar since Donald Trump's win is also pressuring the won, and such movements are likely to last for the time being," added Mr Jung.

Offshore investors were set to be net sellers, offloading 82.2 billion Korean won (S$99.28 million) worth of Kospi shares near mid-session.

Shares of Samsung Biologics Co Ltd were up 7.1 per cent, on track for its third day rally after making its debut on Thursday.

Tech giant Samsung Electronics Co Ltd lost nearly 2 per cent.

Advancing issues led decliners 413 to 363.

December futures on three-year treasury bonds shed 0.07 point to 109.93.

REUTERS

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