You are here

Seoul: Won ends at 7-week high, stocks ease as Brexit vote eyed

Thursday, June 23, 2016 - 14:27
38788967 - 20_06_2016 - SOUTH KOREA STOCK MARKET.jpg
The South Korean won finished at its highest level in seven weeks on Thursday as more investors bet Britain would choose to remain in the European Union in a referendum later in the day.

[SEOUL] The South Korean won finished at its highest level in seven weeks on Thursday as more investors bet Britain would choose to remain in the European Union in a referendum later in the day.

The won was quoted at 1,150.2 to the dollar at the conclusion of onshore trade, its strongest since May 4 of this year. It was up 0.4 per cent from Wednesday.

South Korean shares eased as some investors took profits ahead of the Brexit vote results, which will start trickling out early on Friday morning in Asia. Most opinion polls put the "Leave" and "Remain" camps neck-and-neck.

The Korea Composite Stock Price Index (Kospi) closed down 0.3 per cent at 1,986.71 points.

Foreign investors turned to net buyers near the end of the session, purchasing 29 billion won (S$33.7 million) worth of Kospi shares.

Shares of Hyundai Merchant Marine Co Ltd surged as much as 30 per cent after the company said is holding negotiations with 2M, a shipping alliance comprised of world's leading shipping companies.

REUTERS