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Seoul: Won edges up on end-May US dollar-selling, stocks rebound

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The South Korean won edged up on Wednesday on moderate support from exporters' end-month US dollar-selling, but remained confined to a tight trading range as investors awaited economic data in coming days.

[SEOUL] The South Korean won edged up on Wednesday on moderate support from exporters' end-month US dollar-selling, but remained confined to a tight trading range as investors awaited economic data in coming days.

The won was quoted at 1,122.3 as of 0209 GMT, up 0.2 per cent compared with Tuesday's close of 1,125.1.

"Market players are not seeing today's movement as a meaningful one. The won will keep to its narrow range following the amount of dollar-selling from the exporting companies," said Jung Sung-Yoon, a foreign exchange analyst at Hyundai Futures.

Mr Jung said traders are more focused on economic indicators such as US jobs and South Korea's export data this week as well as political uncertainties in Europe.

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Market voices on:

French President Emmanuel Macron's pledge of clean leadership hit another snag on Tuesday when a second minister in his government had to deny accusations by political opponents of financial misconduct days before parliamentary elections.

After a sharp fall the previous day, South Korean shares rebounded modestly on buying by local institutions and foreign investors.

The Korea Composite Stock Price Index (Kospi) was up 0.4 per cent at 2,354.07 points.

Offshore investors bought a net 17.8 billion won (S$21.97 million) worth of Kospi shares near mid-session, while domestic institutions purchased a net 14.8 billion won worth.

Shares of LG Display gained 1.8 per cent while Hyundai Mobis lost 2.3 per cent.

Advancers outnumbered decliners 426 to 359.

June futures on three-year treasury bonds gained 0.02 point to 109.59.

REUTERS

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