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Seoul: Won edges down following 4-day gain, stocks flat

Wednesday, May 17, 2017 - 10:50

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The South Korean won edged down early on Wednesday as investors took profits after currency hit six-week high a day earlier.

[SEOUL] The South Korean won edged down early on Wednesday as investors took profits after currency hit six-week high a day earlier.

The won was quoted at 1,118.7 to the US dollar as of 0229 GMT, down 0.2 per cent compared to Tuesday's close of 1,116.0.

Jeong My-Young, a foreign exchange analyst at Samsung Futures said that the won seems to be making technical movements amid the absence of any decisive market momentum.

"Markets' focus should be on economic data from the global economy and political turmoil going on in the United States,"added Jeong.

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The US dollar was broadly weaker following reports that US President Donald Trump asked then-FBI Director James Comey to end the agency's investigation into ties between former White House national security adviser and Russia, raising questions whether there had been any attempt to obstruct justice.

South Korean shares were also flat due to profit-taking among investors.

The Korea Composite Stock Price Index (Kospi) was down 0.3 per cent at 2,189.37 points.

Offshore investors were poised to be net sellers for four straight sessions, offloading 24.9 billion Korean won (S$31.03 million) worth of Kospi shares near mid-session.

Shares of Lotte Shopping rose more than 4 per cent while Amorepacific gained nearly 2 per cent.

Decliners outnumbered advancers 460 to 344.

June futures on three-year treasury bonds gained 0.07 point to 109.38.

REUTERS

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